OpenAI at $25B Revenue, a GitHub Rival, and Nvidia Steps Back

Three distinct developments this week paint a fuller picture of where OpenAI sits heading into 2026: a new revenue milestone, an undisclosed internal product push into developer tooling, and a notable cooling from one of its recent backers.

Key points

• OpenAI has surpassed $25 billion in annualised revenue, a milestone that cements its position at the top of the commercial AI pack for now.
• The company is reportedly developing a code-hosting platform to compete directly with Microsoft’s GitHub, triggered in part by service disruptions.
• Nvidia CEO Jensen Huang said a $100 billion investment in OpenAI is “probably not in the cards,” signalling the chipmaker views its OpenAI and Anthropic investment activity as largely complete.
• On the revenue front, OpenAI still faces meaningful competition from Anthropic and Google in the enterprise market.

What does $25B annualised revenue actually mean for the IPO case?

The $25 billion annualised revenue figure is the headline, and it matters for anyone tracking OpenAI’s path to a public offering. Gulf Business reported the milestone this week without specifying the exact period or the revenue mix between consumer subscriptions, API access, and enterprise contracts. That granularity matters: annualised figures derived from a strong recent month can flatter the trend.

Still, the number is directionally significant. OpenAI has moved from roughly $3.4 billion in annualised revenue in late 2023 to this level in roughly two years, a pace that few software businesses have matched. The enterprise segment is where the growth story gets complicated. Google and Anthropic are both actively selling AI capabilities to corporate buyers, and neither is standing still. OpenAI’s ability to hold and expand enterprise accounts, rather than just consumer subscriptions, will be the key variable investors scrutinise before any offering.

Why build a GitHub competitor, and what does it signal?

The reported GitHub alternative is the most strategically interesting item this week. The Hindu Business Line cited reports that OpenAI is building a code-hosting platform, with recent GitHub service disruptions cited as a prompt.

The surface-level read is operational: OpenAI relies heavily on code infrastructure, and outages at GitHub create friction. But the deeper read is competitive positioning. GitHub is owned by Microsoft, which remains OpenAI’s largest investor and cloud partner. A decision to build around that dependency is a signal worth watching. It could reflect OpenAI gradually reducing reliance on Microsoft’s ecosystem as its own platform ambitions grow. It also fits a broader pattern: OpenAI has been moving from a pure model provider toward a company that wants to own more of the developer workflow. Whether that extends to a publicly available product, or stays internal, the sources do not yet clarify.

Nvidia’s exit posture and what it means for OpenAI’s cap table

Jensen Huang’s comments this week are a notable data point for anyone modelling OpenAI’s future funding rounds. Nvidia signalled that investing $100 billion in OpenAI is “probably not in the cards,” framing its involvement in both OpenAI and Anthropic as essentially concluded.

This does not imply any deterioration in the commercial relationship. Nvidia’s chips remain central to OpenAI’s training and inference infrastructure, and that business dynamic is separate from equity stakes. But for investors watching who holds OpenAI paper and at what valuations, the signal is that Nvidia is not a source of fresh capital at scale. OpenAI’s last disclosed valuation was $157 billion following its late-2024 funding round led by SoftBank. Any future round would need to find demand elsewhere.

The combination of a $25 billion revenue run rate and a narrowing pool of mega-cheque investors sharpens the logic for an IPO at some point, though OpenAI has not set a public timeline. This update is for informational purposes and is not investment advice.