diff --git a/src/renderer/src/components/settings/codex-account-auth-warning.test.ts b/src/renderer/src/components/settings/codex-account-auth-warning.test.ts
index ea8de210bcf..d5352d0af42 100644
--- a/src/renderer/src/components/settings/codex-account-auth-warning.test.ts
+++ b/src/renderer/src/components/settings/codex-account-auth-warning.test.ts
@@ -52,6 +52,21 @@ describe('codex account auth warning', () => {
     ).toContain('access token could not be refreshed')
   })
 
+  it('does not warn an API-key-only account when rate limits need chatgpt auth', () => {
+    // Why: the app-server rejects account/rateLimits/read with this message for
+    // an account signed in via OPENAI_API_KEY only. That account is validly
+    // authenticated and must not surface a destructive re-auth banner (#8765).
+    expect(
+      getCodexAccountAuthWarning({
+        limits: codexLimits('chatgpt authentication required to read rate limits'),
+        target: { runtime: 'host', wslDistro: null },
+        runtime: { runtime: 'host' },
+        activeAccountId: 'account-1',
+        accountId: 'account-1'
+      })
+    ).toBeNull()
+  })
+
   it('does not warn for inactive accounts or a different runtime', () => {
     const limits = codexLimits(
       'Your access token could not be refreshed. Please log out and sign in again.'
diff --git a/src/renderer/src/components/settings/codex-account-auth-warning.ts b/src/renderer/src/components/settings/codex-account-auth-warning.ts
index b9d824576c4..e26ed665943 100644
--- a/src/renderer/src/components/settings/codex-account-auth-warning.ts
+++ b/src/renderer/src/components/settings/codex-account-auth-warning.ts
@@ -4,6 +4,14 @@ import type {
 } from '../../../../shared/rate-limit-types'
 import { isCodexAuthError } from '../../../../shared/codex-auth-errors'
 
+// Why: an API-key-only Codex account is validly signed in. The app-server
+// rejects account/rateLimits/read with "chatgpt authentication required to read
+// rate limits" for such accounts, which isCodexAuthError classifies as an auth
+// error so the rate-limit fetcher skips its PTY fallback. That classification is
+// correct for the fetcher but not for this re-auth banner: the account does not
+// need re-authentication, so showing a destructive warning would be wrong.
+const CHATGPT_RATE_LIMIT_AUTH_REQUIRED_RE = /chatgpt authentication required/i
+
 type AccountRuntime = {
   runtime: 'host' | 'wsl'
   wslDistro?: string | null
@@ -38,5 +46,8 @@ export function getCodexAccountAuthWarning(args: {
   if (args.limits?.status !== 'error' || !isCodexAuthError(args.limits.error)) {
     return null
   }
+  if (args.limits.error && CHATGPT_RATE_LIMIT_AUTH_REQUIRED_RE.test(args.limits.error)) {
+    return null
+  }
   return args.limits.error?.trim() || 'Codex reported that this sign-in needs re-authentication.'
 }