Generative AI IPO Battle Begins! OpenAI's Annualized Revenue Surpasses $40 Billion Amid Rivalry with Anthropic

According to sources, OpenAI's revenue run rate—estimated from current operations—is poised to surpass $40 billion, double the figure from the end of 2025. This momentum supports OpenAI’s ongoing preparations for an initial public offering (IPO) and underscores the escalating commercial rivalry between OpenAI and Anthropic.

Sources cited by Bloomberg indicate that OpenAI’s revenue has accelerated in recent months, driven by strong demand for subscriptions, the emergence of advertising revenue, and continued growth in specialized software products—particularly the Codex code-generation agent and the ChatGPT for Work application tailored for enterprise users. Meanwhile, core consumer-facing services continue to expand.

OpenAI is locked in fierce competition with Anthropic. The latter is also rapidly expanding into the enterprise market and has already filed confidentially for an IPO, potentially going public ahead of OpenAI as early as this fall.

Anthropic reported a revenue run rate of $47 billion in May. However, because both private startups use different accounting methods, direct comparisons are inappropriate.

To defend against domestic rivals and low-cost competitors from China threatening market share, OpenAI is actively adjusting its go-to-market and pricing strategies. For example, it recently lowered prices for certain AI models to attract cost-sensitive developers.

OpenAI has also hired a senior cybersecurity executive as its second Chief Revenue Officer (CRO) in less than a year, reinforcing its enterprise sales team—an unusual leadership change signaling urgency.

Previous business development efforts appear to be paying off: Greg Brockman, OpenAI co-founder and president, informed employees in an internal announcement that revenue increased by over 20% in July alone.

This surge follows a prior phase of rapid expansion. OpenAI CFO Sarah Friar previously stated that the company’s revenue run rate had already exceeded $20 billion by the end of last year.