ChatGPT growth boosts OpenAI to hit $10 billion in annual revenue

By Fred Berg

OpenAI, which burst onto the scene with the release of consumer version of ChatGPT in late 2022, and began launching business products the following year has hit $10 billion in annual recurring revenue, or ARR.

The figure includes sales from the company’s consumer products; ChatGPT business products; and its application programming interface, or API. It excludes licensing revenue from Microsoft and large one-time deals.

As of late March, OpenAI said it supports 500 million weekly active users. The company announced earlier this month that it has three million paying business users, up from the two million it reported in February.

OpenAI is also targeting $125 billion in revenue by 2029. Reaching its meteoric growth rates requires a substantial amount of cash. The San Francisco-based startup lost about $5 billion last year.

The new revenue metrics give some context to OpenAI’s monster valuation. OpenAI closed a $40 billion funding round in March, marking the largest private tech deal on record. At today’s metrics, OpenAI is valued at about 30 times revenue, which highlights the hyper growth expectations by some of its largest investors, including Japan’s SoftBank, Microsoft, Coatue, Altimeter, Thrive and others.

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