M.G. Siegler: OpenAI’s slowing revenue growth complicates its IPO narrative, leadership dynamics reveal deeper issues, and Anthropic may surpass OpenAI in revenue | Big Technology

OpenAI's slowing revenue growth and leadership tensions raise questions about its future market position.

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Add us on Google by Editorial Team Apr. 6, 2026

Key takeaways

• The tension between a CEO and CFO is common, but OpenAI’s situation is unique due to its ambitious plans.
• OpenAI and Anthropic are unlikely to go public in 2026 due to macroeconomic uncertainties.
• The public market’s reaction to OpenAI’s potential IPO is uncertain because of its significant financial burn.
• OpenAI’s revenue growth is slowing, complicating the narrative of exponential growth.
• Slowing revenue growth suggests OpenAI may not be on the exponential growth path it claims.
• OpenAI’s recent funding round is unprecedented, indicating a unique financial position.
• The absence of the CFO from financial meetings could indicate deeper leadership issues.
• The optics of OpenAI’s recent funding rounds are questionable and defensive.
• Anthropic may surpass OpenAI in revenue next year if current trends continue.
• OpenAI is pivoting its business model due to competitive pressures from Anthropic.
• The dynamics of corporate governance at OpenAI reflect unique challenges.
• Financial health is crucial for public market perceptions of OpenAI’s IPO.
• Leadership dynamics at OpenAI may affect its financial strategy.
• The competitive landscape influences OpenAI’s strategic decisions.
• OpenAI’s market position is shaped by its unprecedented funding scale.

Guest intro

M.G. Siegler runs Spyglass, where he writes about technology, media, and related topics. He previously spent over a decade as a general partner at GV, leading more than fifty early-stage investments in technology startups. Before becoming an investor, he covered the tech and startup landscape as a reporter for TechCrunch and VentureBeat.

The unique challenges of OpenAI’s corporate governance

• The tension between a CEO and CFO is common, but at OpenAI, it reflects unique challenges due to their ambitious plans.

  — M.G. Siegler

• I can’t believe a CEO and a CFO are at odds… that happens in every company of course… but at OpenAI not a normal company famously things are always sort of to the extreme.

  — M.G. Siegler

• Understanding the dynamics of corporate governance is crucial for tech companies like OpenAI.
• OpenAI’s ambitious goals create unique challenges in its leadership dynamics.
• The typical corporate tension at OpenAI is amplified by its ambitious plans.
• Leadership dynamics at OpenAI may affect its financial strategy.
• The unique context of OpenAI’s goals influences its corporate governance.
• OpenAI’s leadership challenges reflect its ambitious plans and unique market position.

The uncertain future of OpenAI and Anthropic’s IPOs

• I predict that neither OpenAI nor Anthropic will go public in 2026 due to various macroeconomic uncertainties.

  — M.G. Siegler

• Year I actually predict as one of my year-end predictions I predicted that neither OpenAI nor Anthropic will go public in 2026…

  — M.G. Siegler

• Macroeconomic uncertainties impact the IPO timelines of major AI companies.
• The public market’s reaction to OpenAI’s potential IPO is uncertain.

• You see just this massive massive burn how are public markets gonna react to that it’s it’s sort of unknown…

  — M.G. Siegler

• Financial health is crucial for public market perceptions of OpenAI’s IPO.
• OpenAI and Anthropic’s IPO timelines are influenced by current market conditions.
• The potential risks of OpenAI’s IPO highlight the importance of financial health.

The implications of OpenAI’s slowing revenue growth

• OpenAI’s revenue growth is slowing, which complicates the narrative of exponential growth.

  — M.G. Siegler

• Friar said she wasn’t sure whether OpenAI would need to pour so much money into obtaining AI servers in the coming years or whether its revenue growth which has been slowing would support the commitments revenue growth has been slowing.

  — M.G. Siegler

• Slowing revenue growth suggests OpenAI may not be on the exponential growth path it claims.

• If the revenue growth is slowing it’s harder to believe you’re on an exponential and maybe that’s the source of all this.

  — M.G. Siegler

• Revenue growth rates impact perceptions of a company’s future potential.
• Understanding OpenAI’s financial pressures is crucial for its market positioning.
• Slowing revenue growth complicates OpenAI’s narrative of exponential growth.
• OpenAI’s growth trajectory has implications for future investments.

The unprecedented scale of OpenAI’s funding

• OpenAI’s recent funding round significantly surpasses other major funding events, indicating a unique financial position.

  — M.G. Siegler

• Hey we just raised this $122,000,000,000 round you know by far and away the largest round ever raised by far and away larger than any IPO you know including SpaceX upcoming rumored IPO you know would target a mere 70 or $80,000,000,000.

  — M.G. Siegler

• The unprecedented scale of OpenAI’s funding highlights its unique market position.
• Understanding the competitive landscape of funding rounds is crucial for tech companies.
• OpenAI’s recent funding round surpasses other major funding events.
• The scale of OpenAI’s funding is unprecedented in the tech industry.
• OpenAI’s market position is shaped by its unique financial position.
• The competitive landscape influences OpenAI’s funding strategies.

Leadership dynamics and financial strategy at OpenAI

• The absence of the CFO from financial meetings could indicate deeper issues within the company’s leadership dynamics.

  — M.G. Siegler

• If you have financial meetings and the CFO isn’t involved and you’re specifically not including the CFO what does that suggest now it might suggest that who knows Sam Altman is is saying like look I’m trying to come up with all these new methods of financing…

  — M.G. Siegler

• Leadership dynamics at OpenAI may affect its financial strategy.
• The absence of the CFO from financial meetings highlights potential leadership issues.
• Understanding the internal dynamics of OpenAI’s leadership team is crucial.
• Leadership fractures at OpenAI have implications for its financial strategy.
• The unique context of OpenAI’s goals influences its leadership dynamics.
• Financial strategy at OpenAI is shaped by its leadership dynamics.

Questionable optics of OpenAI’s funding rounds

• The optics surrounding OpenAI’s recent funding rounds are questionable and defensive.

  — M.G. Siegler

• It sort of felt very it felt like the most defensive way to to announce the biggest fundraising history… there’s weird weird weird optics around this if you just take a step back around a lot going on in OpenAI.

  — M.G. Siegler

• The optics of OpenAI’s recent funding rounds are questionable and defensive.
• Understanding investor sentiment towards OpenAI is crucial for its funding strategies.
• OpenAI’s public relations strategy amidst significant funding raises concerns.
• The competitive landscape influences OpenAI’s funding optics.
• OpenAI’s funding rounds have questionable optics, indicating potential issues.
• Investor sentiment towards OpenAI is shaped by its funding optics.

Competitive pressures and strategic shifts at OpenAI

• Anthropic may surpass OpenAI in revenue next year if current trends continue.

  — M.G. Siegler

• I think at some point next year if if memory serves… that Anthropic surpass OpenAI in revenue.

  — M.G. Siegler

• OpenAI is pivoting its business model due to competitive pressures from Anthropic.

• That’s entirely why they’re they’re pivoting it would seem right… they see this real threat from what had historically been their much smaller competitor.

  — M.G. Siegler

• Understanding the competitive landscape between Anthropic and OpenAI is crucial.
• Competitive pressures from Anthropic influence OpenAI’s strategic decisions.
• OpenAI’s business model pivot is a response to competitive threats.
• The dynamics of the AI market shape OpenAI’s strategic shifts.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.