OpenAI told investors it expects annualized revenue to hit at least $70 billion by December, a $20 billion jump from the $50 billion pace recorded at September's close, according to people familiar with the fundraising talks. The revision arrived during discussions for a new capital round, and the company declined to comment on the figures.
Enterprise growth drives the revision
The projected acceleration stems from the enterprise segment, where business-to-business revenue has more than doubled since the third quarter began. Consumer revenue added during the quarter alone exceeded the total added in all of 2025, pushing the annualized run rate up roughly 70 percent from the start of Q3. That pace would leave the company on track for the $70 billion mark before the calendar turns.
The fundraising backdrop
Investors are driving demand for a $30 billion raise that would value the company at roughly $1.4 trillion, nearly double the $852 billion valuation set in March when OpenAI took in $122 billion. The appetite reflects the revenue trajectory rather than any immediate capital need, and the company has been racing Anthropic to lock down enterprise accounts before a potential listing.
IPO stays on ice
Sam Altman told Fortune in September that an initial public offering will not happen in 2026, citing safety concerns as the primary reason. The chief executive said going public now would be ill-advised given the societal moment around the technology, and that the company feels no pressure to list. OpenAI confidentially filed for an IPO in June but has not set timing, leaving the filing as a placeholder rather than a signal.
What to watch next
The revenue guidance is unofficial, shared privately in funding conversations rather than in a formal filing. Whether the $70 billion annualized rate holds through year end depends on enterprise renewal cycles and whether consumer growth sustains its current clip. The next concrete marker will be the March valuation's first anniversary, and whether the $1.4 trillion target survives contact with a term sheet.