OpenAI’s annualised recurring revenue (ARR) in July exceeded the level recorded during the second quarter, chief financial officer Sarah Friar told employees during an internal meeting, as reported by CNBC. Friar said, “...Q2 was no slouch,” highlighting the company’s revenue growth. OpenAI’s board chair, Bret Taylor, attributed the momentum to the launch of the GPT-5.6 series models, the enterprise AI agent ChatGPT Work, and growing adoption of its AI coding tool, Codex. The update comes amid intensified competition from rivals such as Anthropic and lower-cost open-weight AI models. OpenAI is expanding its enterprise and developer customer base to support its AI infrastructure investments. The company told investors in February that it plans to target roughly $600 billion in total compute spending by 2030 and is in discussions with Nvidia for up to $250 billion in funding support to help finance plans to lease a large AI data centre in Ohio. OpenAI is under pressure to justify its $852 billion valuation as it considers a potential initial public offering (IPO), having confidentially filed IPO documents with the US Securities and Exchange Commission. The report also stated that Anthropic’s revenue run rate has exceeded the $47 billion generated during 2025, driven by adoption of its Claude Code coding assistant. Taylor acknowledged Anthropic’s early lead in AI coding tools but noted encouraging traction with Codex. OpenAI also faces growing competition from Chinese developers; Moonshot AI introduced Kim