OpenAI accelerates revenue to $40 billion: record pace amid personnel turbulence
OpenAI is demonstrating impressive financial momentum: the company's annual recurring revenue (ARR) has reached $40 billion. This figure has doubled compared to the end of 2025, serving as a powerful signal for the market and potential investors ahead of the upcoming initial public offering (IPO). However, amid these successes, the company is facing significant leadership instability at the top level.
Drivers of record growth: subscriptions, AI agents, and new pricing policy
An analysis of the growth structure shows that three key areas are making the main contribution. First, the ChatGPT subscriber base continues to expand. Second, sales of developer tools such as Codex are growing rapidly. Third, the young advertising business is beginning to generate tangible revenue.
Internal data confirms that July was a record month, showing revenue growth of more than 20% compared to June. Notably, this month brought the company more revenue than the entire second quarter. This surge is largely driven by a revised pricing policy — lower service costs attracted new corporate clients, and the expected decline in revenue did not materialize.
AI agents provided additional momentum. Products like Codex for programmers and ChatGPT Work for office teams not only expand functionality but also push clients to upgrade to more expensive pricing plans. This is a strategically sound move that strengthens monetization of the existing user base.
Leadership changes: a challenge for the IPO
However, financial successes are overshadowed by the outflow of top executives. In the coming weeks, Chief Revenue Officer Denise Dressel, who has been with OpenAI for about eight months, is leaving the company. Her departure follows the resignation of Chief Operating Officer Brad Lightcap. Global sales will now be led by Dali Rajic, who previously served as president at cybersecurity company Wiz.
Turnover in senior leadership is a long-standing issue for OpenAI. In recent months, the company has also lost its head of ethics, head of the safety division, and chief strategy officer. President Greg Brockman has been forced to take on additional management responsibilities to stabilize the situation.
Preparation for the stock exchange is in full swing: the IPO filing has been submitted in confidential mode, and the company recently bought back $7 billion worth of employee shares using its own funds. Meanwhile, the competitive landscape is intensifying: Anthropic plans to go public as early as October with a valuation of more than $2 trillion.
My take: Doubling ARR to $40 billion is undoubtedly a strong fundamental indicator that could secure a premium valuation for OpenAI at the time of listing. However, investors will be closely watching whether the company can sustain this pace amid leadership instability. In the long term, it is precisely the ability to retain key executives and build a resilient corporate structure that will be the critical factor determining the success of the IPO and further growth in market capitalization.