OpenAI's annual recurring revenue nears $70 billion, Axios reports
The figure would mark a sharp jump from the roughly $40 billion run-rate OpenAI disclosed in August, according to Value Add VC.
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OpenAI's annualized recurring revenue is approaching $70 billion, Axios reports. The figure is well above the roughly $40 billion run-rate the company disclosed in August, itself up from a $25 billion plateau earlier this year, according to an analysis by Value Add VC.
Enterprise revenue has been the fastest-growing piece of that total. OpenAI president Greg Brockman said in an internal memo that enterprise ARR rose 32% in July alone, with growth tied to the GPT-5.6 model, the ChatGPT Work product and the Codex coding tool, according to The Elec, citing CNBC and Bloomberg reporting.
The growth has not come with profits. OpenAI's operating loss reached $20.9 billion in 2025, more than its $13.07 billion of booked revenue that year, and the company booked $6.7 billion of revenue against a $12.3 billion operating loss in the second quarter of 2026, according to Value Add VC. OpenAI is not publicly traded. It has filed a confidential S-1, and chief financial officer Sarah Friar has said the company is aiming for a listing in 2027, according to FutureSearch and Value Add VC. Rival Anthropic, which calculates revenue differently, had an ARR of around $47 billion in May and was reported to be pacing above $100 billion by September, according to Bloomberg reporting cited by The Elec.
A $70 billion run-rate, if it holds, would put OpenAI's revenue well ahead of the pace implied when a $1.2 trillion pre-IPO valuation was first floated this month, reinforcing the case that commercial growth is outrunning the safety incidents, model-misalignment disclosures and breach reports that have piled up through September. That gap cuts both ways: it backs the math bulls use to justify the valuation, but it also raises the stakes on whether regulators or OpenAI itself, as Friar and chief executive Sam Altman have both said they are willing to do, slow the pace of frontier development. Revenue momentum keeps the growth story credible, while the safety overhang keeps a lid on how far that translates into a higher valuation before the 2027 listing target.