Privately held artificial intelligence (A.I.) startup company OpenAI plans to triple its revenue this year to $12.70 billion U.S.
The company, which is heavily backed by technology giant Microsoft (MSFT), says it generated $3.70 billion U.S. of revenue in 2024.
OpenAI has also said that by the end of 2026, it hopes to generate nearly $30 billion U.S. in annual revenue.
The San Francisco-based company has experienced rapid growth since the introduction of its ChatGPT chatbot two years ago.
The revenue surge is being driven largely by its growing subscription services that are targeted at both individual users and businesses.
OpenAI most recently reported more than one million paid users for its corporate versions of ChatGPT.
It has also introduced a premium $200 U.S. per month ChatGPT Pro subscription that provides access to its most sophisticated A.I. models.
Despite the impressive revenue growth, OpenAI faces growing expenses, including for advanced microchips, data centres, and the recruitment of top talent.
Management at OpenAI doesn’t anticipate achieving positive cash flow until 2029, by which time it expects its revenue to exceed $125 billion U.S. per year.
OpenAI is not publicly traded and its stock does not trade on an exchange.
