OpenAI accelerates revenue to $40 billion: an ambitious leap before the IPO and personnel turbulence
OpenAI's revenue growth has reached an impressive $40 billion on an annualized basis. This figure, double the results from late 2025, is becoming a key argument for investors ahead of a potential initial public offering.
Analyzing the dynamics, I see that such aggressive growth strengthens the company's position on the threshold of an IPO. However, alongside the financial successes, we are witnessing a wave of resignations among senior management, which adds an element of uncertainty to this seemingly triumphant scenario.
What is fueling the record growth?
My analysis shows three key drivers behind this surge. First, the exponential growth in ChatGPT subscribers continues. Second, sales of specialized software for developers are rapidly increasing. Third, the young but fast-growing advertising business is beginning to make a tangible contribution to overall revenue.
The company's president, Greg Brockman, told the team that revenue in July grew by more than 20% compared to June. This result is particularly notable against the backdrop of July's pricing policy: lowering service costs to attract corporate clients not only failed to cause the expected decline but had the opposite effect.
AI agents provided additional momentum. Products such as Codex for programmers and ChatGPT Work for office teams are effectively pushing clients to upgrade to more expensive pricing plans, stimulating monetization.
Notably, Chief Financial Officer Sarah Friar previously forecast revenue of $20 billion by the end of 2025. Now, management is setting a goal to derive half of its income from corporate clients by the end of the current year. The company is not commenting on the new figures, but my sources familiar with the situation confirm their accuracy.
Management shake-up on the road to the stock exchange
Despite the financial optimism, Chief Revenue Officer Denise Dresser, who has been in the role for only about eight months, will leave the company in the coming weeks. Her departure comes amid the resignation of Brad Lightcap, whose responsibilities were planned to be transferred to Dresser. Earlier, Fiji Simo also stepped down for health reasons.
This rotation is a long-standing trend for OpenAI. 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. Greg Brockman has taken on some of the management functions in an attempt to stabilize the situation.
Meanwhile, preparations for the stock exchange are in full swing: the IPO application has been filed, and the company recently bought back $7 billion worth of shares from employees using its own funds. However, competition is intensifying: Anthropic plans to go public as early as October with a valuation exceeding $2 trillion.
My verdict: OpenAI's revenue growth is impressive, but management instability at a critical moment could become a serious risk factor for the company's valuation. Investors should closely watch whether the financial momentum can outweigh the management chaos when determining a fair share price at the IPO.