OpenAI's wave of executive departures is becoming one of the most closely watched risk signals ahead of its IPO. Within a week, COO Brad Lightcap and CRO Denise Dresser both announced their departures. Since the beginning of this year, several key executives overseeing R&D, product, commercialization, and branding have either left or shifted roles. The issue isn't just the personnel changes themselves. OpenAI is at a critical juncture where rapid revenue growth, enterprise business transformation, IPO preparation, and model price wars are all happening simultaneously: on one hand, it needs to pursue growth and valuation; on the other, it faces challenges related to governance structure, cost pressures, and organizational stability. As Anthropic accelerates its expansion into the enterprise market and xAI enters the competition with more aggressive pricing, whether OpenAI can retain its core team may ultimately determine if it can truly convert its 'scale advantage' into long-term competitiveness.