OpenAI topped $25 billion in annualized revenue as of the end of February 2026, The Information reported March 4, marking a 17% increase from the $21.4 billion the company generated at year-end 2025 and positioning the ChatGPT maker for a potential initial public offering that could value it near $1 trillion.
The revenue milestone represents explosive growth from a standing start. OpenAI generated effectively zero revenue in late 2022 before ChatGPT's launch. By the end of 2024, annualized revenue reached $6 billion. It hit $21.4 billion by December 2025, and now stands at $25 billion just two months later—a trajectory that places OpenAI among the fastest-growing technology companies in history.
Enterprise Push Drives Growth Despite Consumer Dominance
OpenAI's revenue acceleration comes as the company shifts strategic focus toward enterprise customers through partnerships with four of the world's largest consulting firms. The strategy aims to move corporate clients beyond pilot projects to full-scale AI deployments across operations, customer service, analytics, and product development.
Despite this enterprise push, most OpenAI revenue still derives from ChatGPT Plus subscriptions ($20/month for individuals) and API access charged per token. The company serves over 800 million weekly users, though the majority access the free version. Enterprise contracts, while growing rapidly, represent a smaller but increasingly critical revenue stream.
The consulting partnerships reflect OpenAI's recognition that enterprise AI adoption requires hands-on guidance. By working directly with consulting partners, OpenAI hopes to provide implementation support that shortens adoption cycles and unlocks larger long-term contracts—critical for justifying the company's $500 billion valuation from its most recent funding round.
Anthropic Narrows the Gap at $9 Billion
OpenAI faces intensifying competition from Anthropic, which has reached approximately $9 billion in annualized revenue following a similar growth trajectory. Anthropic's Claude models have gained significant enterprise traction, particularly among businesses prioritizing document analysis and cited responses over ChatGPT's broader versatility.
The competitive dynamic intensified further in late February when the Pentagon designated Anthropic a "supply chain risk" over AI safeguards disputes, while simultaneously signing OpenAI to a controversial Defense Department agreement. Anthropic's revenue growth despite—or perhaps because of—its refusal to grant the Pentagon unlimited AI access demonstrates strong demand for enterprise AI tools with clear ethical boundaries.
Google's Gemini platform and Meta's continued AI investments add additional competitive pressure. The generative AI market is quickly becoming one of the fastest-growing sectors in the technology industry, with multiple players racing to capture enterprise contracts and establish dominant positions before the market matures.
IPO Preparations Accelerate Toward Late 2026
The Information's report indicates OpenAI has begun early steps toward a potential IPO, including hiring major law firms to explore preparations for a public listing that could come as soon as late 2026. If executed, an OpenAI IPO would likely rank among the most anticipated technology listings in history, potentially eclipsing recent mega-IPOs from companies like Stripe and SpaceX.
However, OpenAI's path to public markets remains complicated by its unusual corporate structure and ambitious infrastructure spending plans. The company is targeting roughly $600 billion in total compute spending through 2030—an investment level that requires sustained revenue growth to justify to public market investors accustomed to profitability timelines.
OpenAI projects total revenue exceeding $280 billion by 2030, suggesting the company expects continued exponential growth. Whether public markets will value OpenAI near $1 trillion depends on investor confidence that current growth rates can sustain for multiple years despite intensifying competition and potential market saturation.
The February revenue figure of $25 billion annualized—if sustained monthly—would put OpenAI on track to generate approximately $25-30 billion in actual 2026 revenue, a figure that would represent continued acceleration from 2025's trajectory but still falls well short of the $280 billion 2030 target without sustained exponential growth.
