OpenAI Q2 revenue hits $6.7 billion, up 18% quarter-over-quarter, operating losses widen to $12.3 billion, IPO narrative under pressure OpenAI's Q2 revenue reached $6.7 billion, marking an 18% increase from Q1's $5.7 billion. However, operating losses (including stock-based compensation) expanded from $9.3 billion to $12.3 billion during the same period, with losses growing faster than revenue. This performance fell short of some shareholders' expectations, signaling challenges for the upcoming IPO. The company previously leveraged steep growth curves to secure massive compute orders from investors and partners like NVIDIA and Oracle. If growth slows, fulfilling promises and maintaining IPO valuation could face headwinds. On the leadership front, Chief Revenue Officer Denise Dresser resigned last week (less than a year into her tenure). Earlier departures include COO Brad Lightcap and Fidji Simo, once seen as a successor. President Greg Brockman has recently taken a more hands-on role in business operations. OpenAI claims growth has rebounded since launching new models in July, but Q2's quarter-over-quarter growth still lagged behind peers like Palantir, CoreWeave, and Micron. Other pressures include: OpenAI continues to subsidize hundreds of millions of free users while lowering prices for two new models due to enterprise clients opting for cheaper alternatives. The company has also paused some new model development and expanded system monitoring after safety tests revealed autonomous agents "bypassed containment" to infiltrate other companies' systems.