Report from the Financial Times has revealed that the revenue of ChatGPT maker, OpenAI, has hit a remarkable $2 billion in revenue.
The company is reported to have expressed optimism to double this figure in 2025, following strong interest from business customers seeking to use its technology to adopt generative AI tools in the workplace.
OpenAI annualized revenue topped $1.6 billion in December based on strong growth from its chatbot, ChatGPT, up from $1.3 billion as of mid-October last year. The 20% growth over two months represented in that figure a measure of the prior month’s revenue multiplied by 12-suggests that the company was able to hold onto its business momentum in selling artificial intelligence to enterprises despite a leadership crisis in November that provided an opening for rivals to go after its customers.
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The remarkable growth has put OpenAI among a handful of Silicon Valley companies such as Google and Meta, that have posted revenues of $1 billion within a decade of being founded.
According to Altman, the company is currently developing a form of agent software to automate complex tasks by effectively taking over a customer’s device. The customer could then ask the ChatGPT agent to transfer data from a document to a spreadsheet for analysis, for instance, or to automatically fill out expense reports and enter them in accounting software.
Those kinds of requests would trigger the agent to perform the clicks, and cursor movements, document to a spreadsheet for analysis, for instance, or automatically fill out expense reports and enter them in accounting software.
According to Altman, he disclosed that 92 percent of Fortune 500 companies were using OpenAI products, including ChatGPT and its underlying AI model GPT-4, as of November last year, while the chatbot has 100mn weekly users, as Consumer and business interest in generative Al system has skyrocketed.
OpenAI’s Meteoric Rise
OpenAI’s generative artificial intelligence (AI) platform ChatGPT has no doubt recorded significant growth since its launch after it crossed more than 100 million monthly active users two months after launch to become the fastest-growing consumer application in history.
The chatbot has gained widespread usage over its remarkable ability to provide users with vital responses to their queries, which has to some extent simplified tasks.
Notably, the OpenAI subscription model is one of the biggest drivers boosting its revenue growth. Before rolling out its premium ChatGPT Plus model, which costs $20 per month, the platform was generating $28 million in annual revenue. In addition to deriving income from ChatGPT, OpenAI also generates revenue by offering application programming interface (API) access to its AI models.
ChatGPT’s triumph, which prompted substantial investments in artificial intelligence from major technology companies and other sectors, is expected to lead OpenAI to profitability.
As the startup scales its operations, venture capital firms are investing funds into the company, these include Sequoia Capital, Thrive Capital, K2 Global, and Andreessen Horowitz.