OpenAI is planning a funding round next week to raise $7 billion, which could bring its market value to $150 billion, The New York Times writes.
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In this regard, OpenAI is distributing a financial performance report to potential investors, which also outlines plans for the near future. According to OpenAI, its revenue more than tripled year-on-year in August. As of June, about 350 million people used its services, which is 3.5 times more than in March.
The growth was mainly due to the popularity of ChatGPT. A surge in growth was recorded after it became possible to use a chatbot without creating an account or logging in. The company expects ChatGPT to generate $2.7 billion in revenue this year, up from $700 million in 2023. Another $1 billion will come from companies using its technology. However, OpenAI is still unprofitable – it will lose $5 billion this year.
According to the documents provided, about 10 million ChatGPT users pay the company $20 monthly. OpenAI plans to increase subscription prices to $22 by the end of the year and to $44 over the next five years, the documents said. More than a million third-party developers reportedly use OpenAI technology to power their own services.
According to OpenAI, its revenue will reach $100 billion in 2029, which is approximately the same as the current annual sales of the multinational corporation Nestlé or the large American retailer Target.
The document also states that OpenAI is in the process of transitioning from a non-profit to a commercial business model, which will remove any restrictions on investor returns. This will open up more opportunities for OpenAI to negotiate with new investors and offer higher rates of return.