OpenAI Could Be IPO Ready in 2027 After Enterprise Surge
OpenAI president Greg Brockman says a 2027 IPO is possible after enterprise sales doubled and drove 70% quarterly growth in annualized revenue in Q3.
Summary
OpenAI co-founder and president Greg Brockman said at a Wall Street Journal tech conference on Wednesday that the company could be IPO ready in 2027, though it will go public only when it considers the timing right. He said confidence in the business has risen after a difficult first and second quarter of 2026, when OpenAI was largely absent from the agentic coding conversation despite offering Codex, while Anthropic’s Claude Code gained market share.
OpenAI’s annualized revenue grew 70% quarter over quarter in the third quarter as its enterprise business doubled, reflecting earlier investments rather than a single quarter’s work. Enterprise customers now generate most of its revenue, up from about 30%, while consumer revenue continues growing. Brockman cited a recent JPMorgan Chase partnership and said OpenAI has learned to identify valuable AI milestones for businesses, build trust and demonstrate long-term reliability. A year ago, customers viewed OpenAI primarily as a consumer company and questioned its enterprise commitment. The 2027 IPO remains a statement of readiness, not a confirmed listing date.
Positives
- Third-quarter annualized revenue grew 70% quarter over quarter as OpenAI’s enterprise business doubled.
- Enterprise customers now provide most of OpenAI’s revenue, up from roughly 30% previously.
- Consumer revenue continued growing even as enterprise sales became OpenAI’s largest revenue source.
- JPMorgan Chase represents the type of major enterprise client OpenAI is now securing.
- OpenAI’s earlier investments helped drive the third-quarter acceleration rather than relying on a single short-term event.
Risks & concerns
- OpenAI endured a difficult first and second quarter in 2026 before its enterprise growth accelerated.
- Anthropic’s Claude Code gained agentic coding market share while OpenAI’s Codex attracted little attention.
- Enterprise customers questioned OpenAI’s commitment a year ago because it was perceived mainly as a consumer company.
- Brockman described 2027 as possible IPO readiness, not a firm commitment to list publicly.