OpenAI's annualized revenue run rate is closing in on $70 billion as enterprise sales more than double, giving the ChatGPT maker fresh momentum ahead of a possible 2027 initial public offering. The growth comes as rival Anthropic advances its own IPO prospectus at a valuation that could top $2 trillion.
OpenAI's annualized revenue run rate is approaching $70 billion as enterprise sales accelerate, according to people familiar with the company's financials cited by Axios. The run rate has climbed more than 70% since the third quarter began. Business-to-business revenue has more than doubled since July.
Consumer revenue outpaces all of 2025
Growth is not limited to enterprise customers. OpenAI added more consumer revenue during the third quarter than it added during all of 2025, according to the Axios report. The acceleration gives investors an early look at the economics behind one of the world's largest AI companies as it moves toward public markets.
A 2027 listing comes into view
OpenAI confidentially filed for an IPO in June and is expected to list by early 2027. However, chief executive Sam Altman said earlier this month that the company would not pursue an IPO in 2026 while it addresses safety concerns tied to increasingly capable AI systems. The company is also in early talks with investors over another private funding round that, according to Bloomberg, could value it at more than $1.2 trillion ahead of a listing.
Anthropic pushes toward a $2 trillion valuation
Anthropic's own annualized revenue reached about $65 billion in July and has kept growing, making OpenAI's enterprise acceleration notable given its rival's recent strength with corporate customers. Anthropic is further along in its IPO process: a prospectus reviewed by Reuters shows the Claude developer preparing for a public offering that could value it at more than $2 trillion, with a debut expected after the November US midterm elections.
The filing also shows the scale of spending behind that growth. Anthropic generated nearly $4.6 billion in revenue in 2025, up twelvefold from the prior year, while posting an operating loss of more than $8 billion. It has also committed to roughly $518 billion in future cloud, computing, and infrastructure spending. OpenAI, by contrast, has not disclosed comparable expense figures alongside its latest revenue numbers, leaving investors with less visibility into what it costs to sustain its growth.
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