OpenAI doubles revenue pace to $40 billion: record growth amid personnel turbulence
OpenAI's revenue run rate has reached $40 billion on an annualized basis, doubling the figure from the end of 2025. This is a powerful signal for the market ahead of a potential IPO, but a wave of executive departures adds a note of uncertainty to this positive scenario.
Analyzing the latest data, I see that this growth is no accident. It is driven by three key factors: the expansion of the ChatGPT subscriber base, a rapid increase in sales of developer tools, and the unexpectedly successful launch of the advertising model. Company President Greg Brockman confirmed to the team that revenue grew by more than 20% in July alone compared to June. Notably, July was more profitable than the entire second quarter—this points to explosive demand dynamics.
Pricing policy also played a significant role. In July, OpenAI lowered the cost of several services, betting on scaling. Contrary to skeptics' expectations, the price cuts did not lead to a drop in revenue but instead attracted new corporate clients. AI agents provided an additional boost: Codex for programmers and ChatGPT Work for office teams. These products are actively pushing users to upgrade to more expensive plans.
Personnel Shifts: A Risk for the IPO
However, not everything is smooth. In the coming weeks, Chief Revenue Officer Denise Dressel, who has been at OpenAI for only about eight months, will leave the company. Her departure is just the tip of the iceberg. Earlier, Brad Lightcap stepped down as Chief Operating Officer, and Fidji Simo left for health reasons. Over the past few months, the company has also lost its head of ethics, its head of the safety division, and its former chief strategy officer.
To stabilize the situation, Brockman has taken on some management duties. Global sales will now be led by Dali Rajic, who previously worked at the cybersecurity company Wiz. This is a sensible move, but it underscores the depth of the personnel crisis.
Preparation for the stock exchange is in full swing: OpenAI has filed for an IPO in confidential mode and bought back employee shares worth $7 billion using its own funds. Competitor Anthropic plans to go public as early as October with a valuation of over $2 trillion, adding further pressure.
My assessment: Revenue growth to $40 billion is an impressive figure that strengthens OpenAI's position ahead of the listing. However, in my experience, personnel instability ahead of an IPO often becomes a factor that investors factor into a discount. The key question is whether the company's operational machine can compensate for the loss of key managers and sustain monetization momentum. If so, we will see one of the largest listings of the decade.