OpenAI the parent company of ChatGPT has achieved a significant milestone in the financial domain.
As per the reports, the annual run of the San Francisco-based start-up reached $2 billion (€1.8 billion) and because of its main artificial intelligence product, ChatGPT, it stands among the fastest-growing technology companies in history.
The two people familiar with the finances of the OpenAI and the yearly revenue, calculated by multiplying the previous month's revenue by 12 reached the significant milestone of $2 billion in December 2023.
These people added that the company considered that the figure will be more than double in 2025 due to the strong interest of customers to use OpenAI’s technology and AI tools in their businesses.
It is also indicated that if the revenues generated by Microsoft backed company at the same pace it will elevate the rank of OpenAI among the Silicon Valley enterprises, like Google and Meta, that are the technology giants and achieved billion-dollar revenues within a decade of establishment.
For the unversed, OpenAI was founded as a not-for-profit AI research lab in 2015, but it emerged as a business giant after it created a business associate in 2020.
It is reported by The Information, the tech publication that the annual revenue was $1.3 billion as recently as October last year, but the sales have continued to accelerate swiftly.
However, in November the company faced turmoil when the CEO Sam Altman was expelled from the board and hired again days later but the company capitalization had continued to increase since the AI boom began with the launch of ChatGPT in November 2022.
Altman also claimed that 92 per cent of Fortune 500 companies utilized OpenAI products, including ChatGPT and its upgrade model GPT-4,since November last year, and 100 million users weekly use the chatbot.
Big giants like Google and Meta are also set to give tough competition as they gear up to publicly introduce their AI product.
On Thursday, Google disclosed its new AI system Gemini, which users can access through a premium subscription of $20 a month.
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