During an internal meeting, OpenAI's finance chief Sarah Friar and board chair Bret Taylor emphasized the company's strong revenue growth, noting that its annualized recurring revenue exceeded the entire second quarter's figures. This growth is attributed to the successful launch of the GPT-5.6 series, the new enterprise agent ChatGPT Work, and increased adoption of the AI coding tool Codex.
OpenAI is under pressure to justify its $852 billion valuation, especially as it faces competition from Anthropic, which recently reported a revenue run rate of over $47 billion, and from lower-cost open-source models emerging from China.
OpenAI is actively seeking new enterprise and developer users to support its ambitious infrastructure spending plans, which aim for a total compute spend of $600 billion by 2030. The company is also in discussions with Nvidia for a potential $250 billion backstop to fund a new AI data center in Ohio.
Both OpenAI and Anthropic have confidentially filed for IPOs, but details on their debut timelines remain undisclosed