OpenAI has surpassed $25 billion in annualized revenue, according to sources familiar with the company's financials, and is taking early steps toward an initial public offering potentially in late 2026.
Revenue breakdown
The majority of OpenAI's revenue comes from ChatGPT subscriptions and API usage. Enterprise contracts — which include large deployments within Fortune 500 companies — are reported to be the fastest-growing segment, now accounting for approximately 40% of total revenue.
Anthropic close behind
Anthropic is approaching $19 billion in annualized revenue, driven by strong enterprise adoption of Claude and its integration across Amazon Web Services through the Bedrock platform. The gap between the two companies has narrowed significantly over the past 12 months.
IPO timeline
OpenAI's path to a public listing was complicated by its unusual capped-profit structure. The company completed a restructuring in early 2026 that converted it to a more conventional public benefit corporation, clearing a key obstacle for an IPO. Bankers from Goldman Sachs and Morgan Stanley are reported to be in early conversations with the company.