OpenAI Hit $25B in Revenue. An IPO Might Be Next.
OpenAI has crossed $25 billion in annualized revenue and is reportedly taking early steps toward a public listing — potentially before the end of 2026.
Anthropic is not far behind, approaching $19 billion in annualized revenue. Both numbers represent growth that would have seemed implausible two years ago.
For context: OpenAI’s revenue in 2023 was around $1.6 billion. The AI model market has compressed a decade of typical SaaS scaling into about 24 months. That’s not organic enterprise adoption — it’s a platform shift, and the numbers are reflecting that.
An OpenAI IPO would be one of the most watched listings in years. The company’s governance history, its relationship with Microsoft, its hybrid nonprofit-for-profit structure, and the ongoing competition with Anthropic, Google, and Meta all make the prospectus a document people will read closely.
Anthropic’s own trajectory — $19B annualized — is remarkable for a company that positioned itself explicitly as the “safety-first” counterweight. Turns out safety and revenue aren’t mutually exclusive. Who knew.