OpenAI Eyes $1B in Annual Revenue as More Businesses Adopt AI Use

OpenAI Eyes $1B in Annual Revenue as More Businesses Adopt AI Use

UTC by Mercy Tukiya Mutanya · 2 min read
OpenAI Eyes $1B in Annual Revenue as More Businesses Adopt AI Use
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OpenAI revealed that since the launch of ChatGPT nine months ago, it has been adopted by more than 80% of Fortune 500 companies.

OpenAI is poised to generate over $1 billion in revenue over the next 12 months, a projection that is reportedly well out of the scope of what was previously shared with shareholders. This comes as the use of artificial intelligence (AI) such as OpenAI’s ChatGPT AI chatbot continues to grow among businesses. 

According to insider sources speaking anonymously because of the sensitive nature of the information, the Microsoft-backed startup’s monthly revenue currently averages $80 million. The company gained only $28 million in revenue last year before it introduced a paid version of ChatGPT and was valued at about $27 billion when investors bought stock from shareholders earlier this year. 

Building on the recent adoption of AI by corporations, OpenAI on Monday, August 28, announced the launch of ChatGPT Enterprise in a blog post. The business-focused service can perform the same tasks as the regular version of ChatGPT such as drafting emails and essays and debugging computer code but with “enterprise-grade” privacy and data analysis capabilities. In addition to improved customization options, ChatGPT shirks all usage caps and performs faster.

“ChatGPT Enterprise removes all usage caps, and performs up to two times faster. We include 32k context in Enterprise, allowing users to process four times longer inputs or files,” reveals the blog post. “ChatGPT Enterprise also provides unlimited access to advanced data analysis […] This feature enables both technical and non-technical teams to analyze information in seconds, whether it’s for financial researchers crunching market data, marketers analyzing survey results, or data scientists debugging an ETL script.”

The startup revealed that since the launch of ChatGPT nine months ago, it has been adopted by more than 80% of Fortune 500 companies. ChatGPT Enterprise already has early adopters in industry leaders such as Block, Canva, Carlyle, The Estée Lauder Companies, PwC, and Zapier. 

CEO Sam Altman has previously told investors that the company intends to boost revenue from last year’s $28 million to $1 billion next year.  This latest addition could significantly boost revenue and help the company achieve its target. 

Artificial Intelligence, Business News, News, Technology News
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