OpenAI Falls Short on Revenue and User Goals Amid Intense Push for IPO, WSJ Reveals

By Perplexity News Staff | April 28, 2026

In a significant setback for one of the world’s most hyped AI companies, OpenAI has missed key internal targets for revenue and user growth, casting shadows over its ambitious sprint toward a potential initial public offering (IPO), according to a Wall Street Journal report.[1][2][3]

The revelations come at a critical juncture for OpenAI, the creator of the wildly popular ChatGPT chatbot, as it navigates skyrocketing operational costs and intensifying competition in the artificial intelligence sector. Insiders told the WSJ that the company failed to meet an aggressive internal goal of reaching one billion weekly active users for ChatGPT by the end of 2025.[2] This milestone was seen as pivotal to justifying the massive investments required to sustain OpenAI’s rapid expansion.

Missed Milestones Raise Red Flags

Revenue shortfalls compound the user growth disappointments. OpenAI’s leadership had set lofty financial benchmarks to support the company’s voracious appetite for computational resources, including plans for enormous new data centers.[3] However, actual performance has lagged, prompting concerns among executives about the viability of funding these multi-billion-dollar infrastructure projects without hitting projected numbers.

“The misses are particularly acute given the high-stakes environment,” the WSJ report noted, highlighting how OpenAI’s path to an IPO hinges on demonstrating scalable growth and profitability potential.[1] Investors and board members are reportedly scrutinizing these metrics closely, as the company positions itself for a public market debut that could value it at hundreds of billions of dollars.

Context of OpenAI’s High-Wire Act

OpenAI’s challenges occur against a backdrop of explosive growth in AI demand. Since launching ChatGPT in late 2022, the tool has captivated millions, propelling OpenAI to the forefront of the generative AI revolution. Yet, this success has come with stratospheric costs: training advanced models like GPT-4 and its successors requires unprecedented energy and hardware expenditures.

The company’s pivot toward commercialization—through enterprise subscriptions, API access, and partnerships with Microsoft—has been aggressive. Microsoft, OpenAI’s largest backer, has poured tens of billions into the venture, integrating ChatGPT tech into Azure cloud services, Bing search, and Office suite. Despite this support, internal projections appear overly optimistic, as evidenced by the missed targets.[3]

Analysts point to several factors contributing to the shortfalls. User retention has proven trickier than anticipated amid competition from rivals like Anthropic’s Claude, Google’s Gemini, and xAI’s Grok. Privacy concerns, regulatory scrutiny from bodies like the EU’s AI Act, and high pricing for premium features have also tempered adoption rates.[2]

Implications for IPO Ambitions

The IPO buzz around OpenAI has intensified in recent months, fueled by CEO Sam Altman’s public comments on transitioning from nonprofit roots to a for-profit entity capable of attracting public capital. An IPO could provide the war chest needed for OpenAI to compete in the AI arms race, but underwhelming metrics risk dampening investor enthusiasm.

“OpenAI missed internal targets for weekly users and revenue, raising concerns among leaders about funding massive new data center spending.”— WSJ via TipRanks[3]

Board members, including altman confidants and independent directors, are weighing these developments. Some reports suggest contingency plans, such as cost-cutting measures or revised growth forecasts, to shore up the path to public listing. Meanwhile, OpenAI continues to innovate, with whispers of next-generation models like GPT-5 on the horizon.

Broader AI Industry Ripple Effects

OpenAI’s stumbles reverberate across Silicon Valley. Competitors are ramping up investments, while venture capitalists reassess AI valuations post the 2025 hype peak. Nvidia, the GPU kingpin powering most AI training, stands to benefit regardless, as data center buildouts proceed apace.

OpenAI Key Targets vs. Reality (Per WSJ Reports)

Metric	Internal Target	Actual (Est.)	Status
Weekly Active Users (ChatGPT, end-2025)	1 Billion	<1 Billion	Missed[2]
Revenue Goals	Undisclosed High Target	Below Target	Missed[1][3]
Data Center Funding	Fully Supported	At Risk	Concern[3]

What’s Next for OpenAI?

Company spokespeople have not commented directly on the WSJ story, but Altman has previously emphasized long-term vision over short-term metrics. “We’re building AGI for humanity,” he reiterated in recent earnings calls. OpenAI’s next moves—potentially including a funding round or IPO filing—will be watched closely.

For investors, the news tempers OpenAI’s unicorn narrative, underscoring the risks in AI’s gold rush. As the sector matures, only those hitting scalable economics may claim the throne.

This story is based on reporting from the Wall Street Journal and aggregated financial news sources. OpenAI developments will be updated as new information emerges.