OpenAI is picking up the pace: revenue reached $40 billion amid personnel turbulence
OpenAI is showing impressive momentum: the company's annualized revenue run rate has surpassed the $40 billion mark. This figure has doubled compared to the end of 2025, which is a powerful signal for the market ahead of a potential initial public offering (IPO). However, alongside its financial success, the company is facing significant personnel instability.
Such rapid growth significantly strengthens OpenAI's position ahead of its stock market debut. Investors have something to hold onto: the business is scaling, and revenue is accelerating. At the same time, a wave of departures among key executives adds uncertainty to an already complex IPO preparation process.
What is driving revenue growth
Three areas have been the main drivers. First, the number of ChatGPT subscribers continues to grow. Second, sales of tools for developers working with code are increasing rapidly. Third, a young but already noticeable advertising business is starting to make a tangible contribution to overall revenue.
Company President Greg Brockman told employees that revenue in July grew by more than 20% compared to June. This confirms internal momentum: July was more profitable than the entire second quarter. The new pricing policy also played a role—lowering service costs for clients attracted new corporate customers, and the expected revenue decline did not materialize.
AI agents provided an additional boost. Products like Codex for programmers and ChatGPT Work for office teams not only solve specific tasks but also push clients to upgrade to more expensive plans. CFO Sarah Friar previously forecast revenue above $20 billion by the end of 2025, but current pace has exceeded the boldest expectations. Now, management is aiming to generate half of its revenue from corporate clients by the end of this year.
Personnel changes and IPO preparation
Against this backdrop, Chief Revenue Officer Denise Dressel will leave the company in the coming weeks. She joined OpenAI from Slack in December 2025 and worked there for only about eight months. Global sales will be led by Dali Rajic, who previously served as president and chief operating officer at cybersecurity company Wiz.
Dressel's departure is just part of a broader trend. Brad Lightcap previously left the company, and a month ago, Fidji Simo stepped down for health reasons. Over the past few months, OpenAI has also lost its head of ethics, its head of the safety division, and its former chief strategy officer. Greg Brockman has taken on some management functions in an attempt to stabilize the situation.
Meanwhile, IPO preparation is in full swing. OpenAI has already filed its IPO application confidentially and recently bought back $7 billion worth of employee shares using its own funds. Competitor Anthropic plans to go public as early as October with a valuation of over $2 trillion, adding pressure.
My view: Doubling revenue to $40 billion is an undeniable success, demonstrating the strength of OpenAI's product portfolio. However, the high turnover in key commercial and operational roles is a warning sign for investors. The market will be closely watching whether the new team can sustain growth momentum amid intensifying competition. OpenAI's final valuation at the IPO will depend precisely on this balance between ambitious financial metrics and management stability.