OpenAI’s 2027 IPO case rests on a transformed revenue mix

By Daniel Okafor

OpenAI co-founder and president Greg Brockman said on Wednesday that the company could be ready for an IPO in 2027, with enterprise now accounting for most of its revenue.

Brockman spoke at a Wall Street Journal tech conference. Asked whether OpenAI was ready to go public the following year, he answered: “I think so. Yes.”

“We’ve been very clear this year that we want to go public when we feel is the right time for us, and I feel extremely good about the business. I feel like we’ve made so much progress this year, and I’ve honestly never felt more confident in what we’re doing,”

— Greg Brockman, OpenAI co-founder and president

The statement sets a target year, not a filing date. Brockman did not announce an exchange, valuation, share-sale size or timetable. His case rested on operating momentum, especially the enterprise business.

He also linked that momentum to 2026, a year he described as difficult early and stronger later. The first and second quarters were rough, before activity picked up in the third.

What changed in OpenAI’s revenue mix?

OpenAI’s enterprise business has moved from about 30% of total revenue to more than half. That is a shift from roughly three of every 10 revenue dollars to more than five of every 10, giving the IPO argument a more concrete operating foundation.

That mix shift changes the risk profile of the growth story. OpenAI now relies less on consumer adoption and more on enterprise execution, even though consumer revenue continues to grow. Brockman said both segments expanded, but at sharply different speeds.

In the third quarter, OpenAI saw 70% quarterly growth in annualized revenue. Brockman attributed the increase to the enterprise side of the business doubling. He gave no absolute revenue figure, so the growth rate cannot be translated into a dollar amount.

• Enterprise revenue: from roughly 30% of the total to a majority.
• Third quarter of 2026: 70% quarterly growth in annualized revenue.
• Main growth driver: the enterprise business doubled.

Consumer revenue kept growing rather than shrinking, Brockman said. Enterprise revenue had grown much faster, and he cited a recent partnership with J.P. Morgan Chase as an example of the clients OpenAI was winning.

The third-quarter performance did not spring from one event inside the quarter. Brockman said it reflected the culmination of investments OpenAI had made up to that point.

Why did enterprise growth accelerate?

The distinction matters because it places more weight on prior investment and execution than on the quarter itself. Brockman was describing a cumulative operating change, not a one-off revenue event.

Selling into enterprises also taught OpenAI what clients needed. Brockman said the company had learned to identify the most important milestones businesses could achieve with its AI technology, build trust and remain a reliable partner for the long haul.

A year earlier, OpenAI was perceived mainly as a consumer company rather than a serious enterprise vendor. Companies considering it questioned whether OpenAI was truly committed to enterprise business; Brockman said the market’s view had changed.

The enterprise lesson was not limited to sales volume. Brockman tied success to connecting OpenAI’s technology with important business milestones and durable client relationships.

What pressure did Anthropic’s Claude Code create?

Brockman also acknowledged a gap in agentic coding. OpenAI was not part of that conversation at the time, he said, while Anthropic’s Claude Code had gained market share.

OpenAI already had Codex, but it was not being discussed, he said. The company kept its head down and executed.

That admission limits the enterprise-led IPO narrative. OpenAI can describe itself as a majority-enterprise business, but it still faces a product gap in a category where Anthropic’s Claude Code has gained share.

Brockman’s 2027 claim now depends on whether enterprise revenue can keep growing rapidly after a weak first half. Continued enterprise wins, sustained annualized-revenue growth and improved agentic-coding adoption will test whether his confidence becomes a credible IPO process.