OpenAI is hitting a $40 billion revenue run rate: record figures amid personnel turbulence
OpenAI has reached an impressive milestone — the company's annualized revenue run rate has surpassed $40 billion. This figure is double the forecasts announced at the end of 2025 and significantly strengthens the company's position ahead of a potential public offering.
What's behind the explosive revenue growth
An analysis of the revenue structure reveals three key drivers. First, the base of paying ChatGPT subscribers continues to grow. Second, sales of developer tools, including Codex, are showing steady momentum. Third, the young but rapidly growing advertising segment is beginning to make a tangible contribution to overall revenue.
Internal data indicates that July was a record month: revenue grew by more than 20% compared to June, exceeding the figures for the entire second quarter. Notably, this growth occurred against the backdrop of price cuts on some services — the company bet on attracting corporate clients through more affordable rates, and that strategy paid off.
AI agents provided additional momentum. Products like Codex for programmers and ChatGPT Work for office teams are not only expanding the client base but also encouraging users to upgrade to more expensive pricing plans. Interestingly, management has already set a goal of bringing the share of corporate revenue to half of total income by the end of this year.
Personnel changes as a risk factor
However, not everything is smooth sailing. Amid financial successes, the company is experiencing serious personnel turbulence. In the coming weeks, OpenAI will be leaving its Chief Revenue Officer, Denise Dressel, who has been with the company for about eight months. Her departure is another link in the chain of executive resignations, including Chief Operating Officer Brad Lightcap and the head of the ethics department.
President Greg Brockman has been forced to personally take on some management functions to stabilize the situation. Meanwhile, IPO preparations are in full swing: the company has filed for a confidential listing and recently bought back $7 billion worth of employee shares using its own funds.
My take: Growth to $40 billion is certainly a strong signal for the market, but the executive shuffle ahead of the IPO is a warning sign. Investors will be closely watching whether operational stability can keep pace with financial performance, especially given that competitor Anthropic has already announced plans to go public with a valuation above $2 trillion. The question is not whether OpenAI can attract capital, but at what cost.