OpenAI’s Annualized Revenue Nears $70 Billion, Axios Says

OpenAI is on track to generate annualized revenue of nearly $70 billion based on its current performance, fueled by strong gains in business and consumer adoption, Axios reported on Tuesday, citing unnamed people familiar with the matter.

The ChatGPT maker was previously on pace for more than $40 billion in annualized revenue, Bloomberg News reported in August. OpenAI’s revenue has accelerated in recent months, driven in part by the growth of its AI coding software.

OpenAI is locked in a fierce battle with longtime rival Anthropic PBC to sign up more business customers. Both firms have filed confidential paperwork to go public, with Anthropic expected to IPO as soon as this fall. OpenAI has said it no longer expects to IPO this year, as it focuses on addressing safety concerns from its technology.