OpenAI accelerates revenue to $40 billion, but loses key executives ahead of IPO.
OpenAI is demonstrating impressive financial momentum, reaching an annualized revenue run rate (ARR) of $40 billion. This figure, achieved by August 2026, is double the forecasts the company had set for itself at the end of 2025. This explosive growth not only strengthens the company's position ahead of a potential public offering but also fundamentally reshapes the balance of power in the artificial intelligence market.
What's behind the record growth?
Analysis shows that three key areas have been the main drivers. First, the base of ChatGPT subscribers continues to grow. Second, sales of developer tools such as Codex are increasing rapidly. Third, a young but promising advertising business is beginning to generate tangible revenue.
Notably, revenue in July grew by more than 20% compared to June, and the month itself brought the company more money than the entire second quarter. The new pricing policy also played a role: lower service costs attracted corporate clients, and the expected decline in revenue did not materialize. AI agents such as Codex and ChatGPT Work provided additional momentum, pushing users to upgrade to more expensive plans.
Personnel turbulence on the eve of the IPO
However, amid financial success, the company is facing serious staffing challenges. In the coming weeks, OpenAI will lose Chief Revenue Officer Denise Dresser, who has been in the role for only about eight months. Her departure follows the resignation of Chief Operating Officer Brad Lightcap and other losses in senior leadership, including the heads of the ethics and safety departments.
President Greg Brockman has already taken on some management functions in an attempt to stabilize the situation. The company has filed for an IPO in confidential mode and recently bought back $7 billion worth of employee shares, indicating active preparation for the listing.
My view: Doubling revenue to $40 billion is a powerful signal to the market, but the mass exodus of top executives creates a risk of uncertainty for investors. While competitor Anthropic, valued at more than $2 trillion, is preparing to go public as early as October, OpenAI will need to prove that its operating model is resilient to personnel losses. The question is whether rapid revenue growth can offset investor concerns about management. This will be a key factor determining the company's valuation at its public market debut.