AI: OpenAI Pre-Markets its IPO Through the Churn. AI-RTZ #1182

Yesterday we walked through Anthropic’s weekend of hard numbers on the road to a fall mega-AI IPO. Its annualized revenue is topping $65 billion before its highly anticipated mega-AI IPO later this year.

Today, the other side of the parade in this AI Tech Wave: OpenAI spent the same week pre-marketing its own listing, with an investor meeting full of milestones, and a C-suite churning at a pace that made its own headlines.

Not dissimilar to the senior people shuffling at OpenAI’s other arch-competitor Google, of late.

Start with the business, because the business is genuinely moving. CFO Sarah Friar held a Friday meeting with current shareholders, and CNBC lays it out in ” OpenAI CFO Friar tells investors that enterprise business now bigger than consumer by revenue”:

“We entered the year at 60-40, but enterprise has accelerated much faster than expected and those lines have now crossed... The majority of our revenue is now enterprise.”

That enterprise crossover arrived ahead of the company’s own end-of-2026 parity forecast. The annualized run rate has hit $40 billion, up 20% month over month in July, with business customers growing faster still at 32%. Advertising, which began testing in ChatGPT in February, is approaching a $1 billion run rate of its own. And per the FT, much of the recent growth has come since GPT-5.6 shipped five weeks ago.