A few days ago, OpenAI announced that its Annualised Recurring Revenue (ARR) for 2025 was $20 billion. For one, this $20 billion figure seems awfully optimistic when you look at the details. All the figures suggest that Q4 could have experienced a similar growth, so we can assume a $4 billion revenue for Q4. Another sign that things aren’t quite what they seem is OpenAI’s reported users. This is why I personally find that $20 billion figure hard to believe.