OpenAI is on track to bring in more than $1 billion (£790 million) over the next 12 months, according to a report from The Information quoting insiders at the Microsoft-backed artificial intelligence (AI) company.
As the developer of the large-language model ChatGPT, which this year became one of the most widely used consumer applications of all time, OpenAI quickly began raking up valuations in excess of $27 billion.
In addition to ChapGPT, OpenAI also operates the deep-learning digital image generator DALL-E.
OpenAI switched from a non-profit business model to a for-profit model in 2019 before Microsoft (NASDAQ:MSFT) pledged a $10 billion investment in January 2023.
Founded by a team including Sam Altman and Elon Musk, OpenAI was initially targeting $1 billion in revenues by 2024, suggesting that the company’s monetisation strategy is either matching or surpassing expectations.
This week, ChatGPT Enterprise was announced as part of OpenAI’s ongoing monetisation strategy.
This new service offers features such as enterprise-grade security, unlimited high-speed GPT-4 access, expanded context windows for processing longer inputs and advanced data analysis functionalities.