OpenAI Prepares for 2027 IPO as Enterprise Revenue Surpasses Consumer
In April 2026, the majority of OpenAI's revenue already came from enterprise clients. President Greg Brockman made the remark to the Wall Street Journal during a conference in Napa, California, and it was the most direct statement the company has made so far about plans to go public.
The transformation in progress
OpenAI was in a precarious position at the beginning of 2026. The first two quarters were "pretty rough," Brockman admitted. The company wasn't even in the conversation when it came to agentic coding — a space Anthropic dominated with Claude Code. "We had Codex, but no one was talking about it," Brockman said. "I think we just kept our heads down and executed."
The turnaround came in the third quarter. The company's annualized revenue grew 70% quarter-over-quarter, a pace it had last seen in mid-2025. The responsibility for the shift is clear: OpenAI's enterprise segment doubled in size. Where corporate clients previously accounted for about 30% of sales, now the majority of revenue comes from businesses. "Year ago we were not really in the enterprise game. We were perceived as a consumer company, but it is so so different today," Brockman explained.
The numbers behind the announcement
OpenAI had already said it would not go public in 2026, citing AI safety concerns and the challenge of adapting to increasingly capable systems. But the numbers are approaching the level needed for a convincing public market valuation. By September 2026, the company's annualized revenue had already surpassed US$ 50 billion. Since then, growth has continued — the revenue run rate has been climbing steadily, with the company targeting at least US$ 70 billion by year-end.
The current fundraising round started with a US$ 30 billion target and a US$ 1.4 trillion valuation. Investors, however, resisted the price. The target was cut to US$ 20 billion and the valuation to US$ 1.25 trillion. So far, the company has secured about US$ 11 billion in commitments — well below the original target. OpenAI is now seeking additional capital from family offices and high-net-worth individuals, in an effort to close the round before the IPO.
The Anthropic competition
OpenAI's rush to prepare for the public market has a clear motive: Anthropic. The rival is expected to go public still this year, in an offering that could value the company at more than US$ 2 trillion. Anthropic already had an edge in the enterprise segment, especially in coding and productivity tools. OpenAI, meanwhile, is betting heavily on Codex and enterprise integrations — JP Morgan Chase is one of the latest major contracts announced.
Brockman also touched on broader issues regarding AI safety and regulation. In October, the company signed a safety pact and Brockman donated US$ 25 million to groups advocating clear federal rules. His comment that he has "never felt more confident" about what the company is doing, however, contrasts with the growing market skepticism about the sustainability of massive AI infrastructure investments.
What to expect
Brockman's statement is not a formal IPO announcement. There is no defined date, exchange, or offering size. But it is the clearest signal yet that OpenAI wants to be judged as a software company, not a consumer app. For the market, the central question is whether the US$ 1.25 trillion valuation can sustain the sales multiple private investors accepted — and whether competition with Anthropic and other AI companies will erode revenue before the stock is launched.
Sources: TechCrunch, CNBC, CoinDesk
✓ Independent sources cross-checked and verified before publishing
