OpenAI’s annualized revenue has surpassed $40 billion, but the company still needs cash more than ever. The Information revealed that OpenAI’s annualized revenue exceeded $40 billion in July, nearly doubling since the end of last year. Revenue growth is being driven by Codex, new models, and enterprise customers, with growth rates remaining extremely impressive. The problem is that while revenue is rising rapidly, spending isn’t slowing down. OpenAI continues to bear massive compute costs and is further lowering prices to win enterprise clients. Lowering prices boosts usage volume and user base, but doesn’t necessarily convert into cash at the same pace. Even more awkwardly, Anthropic’s current annualized revenue has reached approximately $65 billion. OpenAI must now chase higher revenue while simultaneously investing heavily in compute, subsidizing pricing, and expanding infrastructure—making the stakes for its next private funding round even higher. At this point, $40 billion in revenue is already an extraordinary figure. But for a company that requires tens of billions in ongoing compute investment, the real question has become: how fast must revenue grow to keep pace with its burn rate?