ChatGPT's parent company OpenAI soars toward $1 billion in annual revenue

OpenAI is about to hit its anticipated billion-dollar revenue sooner than expected, thanks to the widespread adoption of its revolutionary AI technology, ChatGPT.

With a near-$30 billion valuation, OpenAI is undoubtedly one of the trailblazers in the realm of generative AI if not the best in the space. Its revolutionary AI technology, ChatGPT has become the cool kid in town offering capabilities from generating human-like responses to writing code and describing art.

Since its introduction last November, its revolutionary capabilities have seen several big techs integrating this transformative technology into their products and operations. And at a cost, of course, a very sizeable one at that.

The grand plan has always been to monetize ChatGPT, particularly due to the substantial computing power and cost required to maintain its robust AI capabilities. To generate revenue, it introduced various strategies, including premium subscriptions and offering businesses paid access to its application programming interface (API), allowing developers to seamlessly integrate the chatbot into their applications.

It recently upped the ante with ChatGPT Enterprise, a corporate version of the chatbot. This upgraded version boasts additional capabilities and enhanced privacy safeguards, marking OpenAI's most audacious move yet to appeal to a wider array of business clients and supercharge their revenue streams.

Now the Microsoft-backed tech giant is on the cusp of celebrating an impressive $1 billion landmark revenue, that is, if an insider report that revealed that the AI company is raking in approximately $80 million in revenue each month, is to be believed.

This would help it recoup some of the $540 million loss spent on its ambitious endeavours in 2022, including the development of GPT-4 and ChatGPT with some extra change to spare.