OpenAI Financials: July 2026 Update

OpenAI’s headline numbers are unchanged from the March 2026 round. The valuation stays at $852B post-money and the revenue run-rate remains at roughly $25B annualized as of February 2026, per Sacra.

Key points

• Valuation unchanged: $852B post-money, set by the March 2026 SoftBank-led round. No new capital event has closed.
• Revenue run-rate: ~$25B annualized as of February 2026, per Sacra. No updated figure available this month.
• Peer comparison: Anthropic now sits at $965B on a $47B annualized run-rate (Sacra, as of July 10, 2026), giving it a roughly 1.1x higher valuation than OpenAI despite being the smaller brand by consumer awareness.
• Legal exposure: British Columbia is preparing a lawsuit over OpenAI’s alleged failure to flag violent ChatGPT activity before a school shooting, and Apple has filed a separate suit over product integration and hardware supply chain claims.
• Government stake: OpenAI reportedly offered the Trump administration a 5% equity stake, with The Financial Times noting similar offers may be expected from other U.S. AI firms.

Where does the valuation stand?

The $852B figure dates to March 31, 2026, when SoftBank co-led a $122B round alongside Andreessen Horowitz, D.E. Shaw Ventures, MGX, and TPG. At least $35B of that headline figure is contingent on milestones. The valuation has not moved since. For context, the round was the largest single private financing on record at the time of closing.

Sacra’s July 2026 data shows a $2B Seed entry dated July 15, 2026. That entry appears to reflect a separate early-stage vehicle or subsidiary, not a revaluation of the main OpenAI entity, and does not change the operative post-money figure.

How does OpenAI compare to its private peers?

Among tracked private AI labs, Anthropic is the only direct comparable with fresh pricing. Its Series H closed in late May 2026 at $965B, and Sacra estimates its revenue run-rate at $47B as of May 2026. That translates to a roughly 20.5x revenue multiple for Anthropic versus OpenAI’s implied 34x on the $25B run-rate figure.

The multiple gap reflects two things: OpenAI’s run-rate data is four months stale, and Anthropic has been accelerating faster than most observers expected after its Google and Amazon cloud integrations deepened. If OpenAI’s true current run-rate has grown from $25B toward the $30B-plus range that some analysts have floated, the gap narrows, but no sourced figure supports that adjustment yet.

Among public comparables, Microsoft (MSFT) closed July 26 at $381.70, NVIDIA (NVDA) at $206.84, Amazon (AMZN) at $232.11, and Alphabet (GOOGL) at $319.74. All four trade well above their 2024 levels, providing a buoyant backdrop for private AI valuations, though none has repriced OpenAI’s equity directly.

What is the legal and regulatory backdrop doing to the IPO timeline?

OpenAI has no publicly confirmed IPO date. The March 2026 restructuring into OpenAI Group PBC, with the nonprofit OpenAI Foundation retaining control, removed one structural obstacle to a public listing, but the current legal environment adds friction.

British Columbia’s forthcoming suit over the school shooting incident is the most reputationally sensitive item. The claim centers on whether OpenAI had an obligation to report or act on violent ChatGPT outputs before a mass casualty event. Regulators in multiple jurisdictions have been watching that case closely.

Apple’s lawsuit, filed in July 2026, focuses on product integration terms and what the complaint frames as OpenAI’s inability to build the hardware-anchored supply chain that a deep consumer-device partnership requires. The suit signals that the Apple-OpenAI relationship, announced with fanfare in 2024, has soured materially.

The reported offer of a 5% stake to the Trump administration, if it closes, would be an unusual governance arrangement for any company approaching a public market. It could complicate SEC review, affect institutional investor appetite, or both. The Financial Times report noted it was unclear whether other AI firms had agreed to analogous terms.

None of these items changes the snapshot numbers today. Taken together, they make the 12-to-18-month IPO window that circulated after the March round feel less certain than it did in the spring.