OpenAI's finance chief convened an all-hands meeting to reassure employees following a second-quarter revenue shortfall that fell well short of expectations, emphasizing a rebound in growth metrics and a clear timeline for going public.

During Wednesday's internal session, CFO Sarah Friar told staff that OpenAI "will become a public company in 2027," though an earlier listing remains possible if "business continues to accelerate." Citing two individuals familiar with the matter, Friar characterized an IPO not as a finish line but as a milestone and another funding round, noting that the company's $122 billion raise in March provides ample financial flexibility.

The meeting also showcased fresh third-quarter figures indicating a marked recovery from Q2's sluggish pace, which served as a central takeaway for employees.

Key Q3 metrics presented by Friar included a 35% jump in annualized recurring revenue (ARR), a 50% surge in enterprise ARR, and 20 million weekly active users across AI coding and work products.

This data comes on the heels of OpenAI's disclosure to investors that Q2 revenue reached $6.7 billion, a modest 18% sequential increase from Q1's $5.7 billion, while operating losses widened during the same period, according to the Wall Street Journal.

The company had previously indicated to investors that growth would pick up in Q3 following a wave of new model releases in July, and these figures provide concrete validation of that outlook.

Addressing competitive pressures, Friar directly tackled the prospect of rival Anthropic going public first. Anthropic has already filed confidentially for an IPO and initiated early talks with potential investors, with market speculation pointing to a possible listing in September or October.

OpenAI itself submitted a confidential IPO filing with the SEC back in June but has yet to disclose specific listing plans. Responding to the possibility that Anthropic might beat them to market, Friar remarked: "As you know, we've filed confidentially, and so has Anthropic. They may unveil that filing in the coming weeks and become public in September. That's fine — we're running our own race."

Friar's proactive outreach stems from mounting pressures. On the performance front, OpenAI's Q2 revenue grew just 18% sequentially, while Anthropic posted preliminary revenue exceeding $11.5 billion for the same period, a jump of over 140%, surpassing OpenAI in quarterly revenue for the first time and achieving a modest operating profit. The stark contrast in growth trajectories has left some investors disheartened.

Leadership turbulence has also added to the strain. Chief Revenue Officer Denise Dresser departed last week after less than eight months in the role, following the exit of Executive Vice President Brad Lightcap, who concluded an eight-year tenure to pursue new ventures, and product chief Fidji Simo's resignation in July citing health reasons.

OpenAI President Greg Brockman, in a Monday interview with CNBC, downplayed the significance of these changes, suggesting they are not particularly unusual.

For now, Friar, CEO Sam Altman, and Brockman are jointly tasked with projecting stability to the outside world. OpenAI also faces headwinds from the proliferation of low-cost open-source models, intensifying competition, and valuation fluctuations following SpaceX's stock listing, concerns that some financial backers have already voiced.