Key Notes
- Greg Brockman says OpenAI could be ready for a 2027 IPO, although his comments do not establish a listing date or offering price.
- Enterprise customers now generate a majority of OpenAI's revenue, following an April disclosure that their share exceeded 40%.
- The shift strengthens OpenAI's business-focused investment pitch as it competes with Anthropic and continues an unfinished private funding round.
OpenAI could be ready for an initial public offering in 2027, president Greg Brockman said, as enterprise customers become the company’s biggest source of revenue. The shift gives the ChatGPT maker a more business-focused investment pitch at a time when AI developers are competing fiercely for corporate spending and fresh capital.
Speaking at a Wall Street Journal technology conference in Napa, California, on November 4, Brockman said enterprises now generate a majority of OpenAI’s revenue. Asked whether the company would be ready to go public next year, he replied, “I think so,” according to Reuters. His remarks did not establish a listing date, an offering price or an exact enterprise revenue share.
Business Customers Move Into the Lead
The change follows a milestone OpenAI outlined in April. In an enterprise update, then-chief revenue officer Denise Dresser said businesses accounted for more than 40% of revenue and were on course to reach parity with consumers by the end of 2026. Brockman’s latest description places enterprise sales above that threshold before the year is over.
Coding agents have helped drive the transition. Brockman described a difficult first half of the year followed by stronger adoption of agentic coding tools in the third quarter, the Journal reported. That gives Codex a central role in OpenAI’s effort to turn model capabilities into work companies will pay to delegate.
OpenAI’s own August research offered an earlier sign of that change: Codex produced 64% of combined Codex and ChatGPT output tokens among enterprise customers in June. The company explained that longer, multistep tasks generate more output. That makes the figure a measure of activity, rather than Codex’s share of revenue or a direct measure of productivity.
The AI Race Heads Toward Wall Street
OpenAI is pursuing the same corporate budgets as Anthropic, whose planned Nasdaq debut could give public investors an earlier opportunity to buy into a major frontier-model developer. Our latest IPO coverage examined expectations for a listing in the week beginning November 16, with a roadshow potentially starting the preceding week. Those windows remain expectations rather than a completed offering.
The competition makes enterprise adoption consequential beyond quarterly sales. Once an agent is connected to a company’s code, documents and internal processes, the buying decision involves security, reliability and the cost of integrating it into daily work. To sustain that business, model developers have to keep demonstrating that the work completed justifies the bill.
A majority enterprise revenue share alone cannot show how that equation is working. It leaves unanswered how much comes from long-term contracts, usage-based spending or individual products, and how much OpenAI retains after supplying the computing capacity. Those details would help investors assess the durability of its growth.
Funding Remains Part of the IPO Story
The listing outlook also arrives during an unfinished financing process. As we reported, OpenAI had secured roughly $11 billion in commitments toward a round that initially sought $30 billion, before reducing its target to as much as $20 billion. The reported $1.25 trillion valuation concerns that private financing; it does not set a future IPO price, and commitments are not the same as a completed cash raise.
Brockman’s comments make enterprise demand a clearer part of OpenAI’s prospective stock-market case. The next test is whether rising business usage can support attractive economics while financing continued research and infrastructure expansion. A 2027 listing would give investors a more detailed basis for judging that progress, if OpenAI proceeds.
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