Axios says OpenAI’s annualised revenue run rate is approaching $70bn, with business-to-business revenue more than doubling since July. If the figures hold, they offer a striking measure of the market OpenAI is trying to build ahead of a possible IPO.
OpenAI Watch analysis
What happened
Axios published the figures on 29 September, citing people familiar with OpenAI’s financials. It says the company’s annualised revenue run rate has grown more than 70% since the start of the third quarter, reaching almost $70bn. Business-to-business revenue grew more than 100% over the same period, Axios says.
The report adds that OpenAI brought in more consumer revenue during the third quarter than it did during all of 2025. It does not provide details of the company’s expenses, which Axios says it could not immediately obtain. Read Axios’s report.
Why it matters
The figures suggest enterprise sales are becoming a major part of OpenAI’s growth story, rather than a supporting act to consumer subscriptions. That matters as the company and rival Anthropic prepare for potential IPOs: investors will want to weigh revenue against the enormous cost of building and operating AI systems.
Revenue run rate is an annualised measure, not a promise that the same amount will arrive over the next year. And without expense figures, this is a view of growth, not profitability. Axios’s account is based on sources familiar with the financials, not a published OpenAI filing.
Our read
Almost $70bn in annualised revenue would be a formidable number for a business this young. But growth figures without costs are only half a balance sheet, and the missing half is not a small footnote. Treat this as a significant reported snapshot, not a verdict on OpenAI’s long-term economics.
What to watch
- Whether OpenAI confirms or updates the reported revenue figures.
- How much of the growth comes from enterprise customers and how durable it proves.
- What expense, cash-flow and infrastructure commitments look like in any IPO filing.
- How OpenAI’s reported figures compare with Anthropic’s disclosures.
Discussion spark: For a company racing to build costly AI infrastructure, should investors value rapid revenue growth more than a clear path to profitability?
Sources and evidence
- Scoop: OpenAI's annual recurring revenue nears $70B (29 September 2026, 14:15 UTC)
OpenAI Watch is independently operated by WittyWires. It is not affiliated with, endorsed by, or operated by OpenAI.