OpenAI accelerates revenue to $40 billion: record pace amid personnel turbulence
OpenAI's annualized revenue run rate has reached an impressive $40 billion, doubling the figures from late 2025. However, this rapid financial ascent is accompanied by significant turnover in the company's senior leadership.
Analyzing the latest data, I see a clear picture: three key areas drove this breakthrough. Growth in ChatGPT subscriber numbers continues to accelerate, sales of developer tools (primarily Codex) are showing explosive momentum, and the young advertising business is already making a tangible contribution to overall revenue.
What lies behind the record numbers
Internal data confirms that July was the most profitable month in the company's history, generating more revenue than the entire second quarter. President Greg Brockman informed the team of revenue growth of more than 20% compared to June. Notably, this was achieved even after price reductions on several services—a strategy that, contrary to skeptics' expectations, attracted new corporate clients instead of triggering a decline in revenue.
AI agents deserve special attention. Products like Codex and ChatGPT Work not only automate tasks but also actively push clients toward more expensive pricing tiers. This is a classic example of how added value is monetized through upselling.
Chief Financial Officer Sarah Friar previously forecast revenue exceeding $20 billion by the end of 2025. Now, management is setting an ambitious goal: to derive half of all revenue from corporate clients by the end of the current year.
Staff turnover: a warning sign ahead of the IPO
However, not everything is rosy. Chief Revenue Officer Denise Dressel is leaving the company after just eight months on the job. She will be replaced by Dali Rajic, former president of cybersecurity company Wiz. This is not the first loss: Chief Operating Officer Brad Lightcap and the head of ethics have already departed. In recent months, OpenAI has also lost the heads of its security and strategic development divisions.
Observing these processes, I note that a mass exodus of top executives is always a red flag for investors, especially ahead of a public offering. The company has already filed for an IPO in confidential mode and bought back employee shares worth $7 billion from its own funds, indicating serious preparation for the stock exchange.
Competition is intensifying: Anthropic plans to go public as early as October with a valuation of more than $2 trillion. The success of OpenAI's listing will directly depend on whether revenue growth can offset investor concerns about leadership instability.
My conclusion: OpenAI's financial performance is impressive, but the leadership shuffle in key commercial and operational roles creates significant risks. The market forgives a lot at this level of growth, but ahead of the IPO, investors will be especially attentive to the stability of the management team. If the turnover continues, it could become the main factor putting pressure on the company's valuation.