OpenAI is now generating revenue at a $15 billion annualized rate, according to two people familiar with the company's finances. That figure has roughly tripled in 18 months, driven by enterprise adoption of GPT-5 and the expansion of ChatGPT Pro subscriptions.
The profitability gap
Revenue growth has not translated into profits. OpenAI's compute costs are estimated at $8-10 billion annually. The company employs over 3,000 people, with median compensation exceeding $500,000 including equity. Operating losses likely exceeded $3 billion in the last twelve months.
The conversion question
OpenAI's ongoing transition from a nonprofit to a for-profit entity has drawn scrutiny from state attorneys general in California and Delaware. The outcome will determine how the company's $300 billion valuation is structured and who benefits from its growth.
What the numbers tell us
A company can grow revenue at 200% year-over-year and still not be viable. The AI industry's economics remain unproven at the unit level. For every dollar OpenAI earns, it spends roughly $1.50.