According to insiders, the company behind ChatGPT expects annual revenue of $1 billion (about €950 million) in 2024. Investors have high expectations of the wildly popular AI model.

ChatGPT was made available for free in November. The AI model generates credible texts and code based on simple prompts.

Requesting a summary of any historical subject usually produces a neat description of events. The same goes for most other topics. In addition to texts, the model generates code in multiple programming languages.

ChatGPT was trained and developed by OpenAI. Among other projects, the organization is responsible for DALL-E, a model that generates images based on descriptions. OpenAI has always positioned itself as a research company. That’s about to change, according to sources from Reuters.

Three insiders revealed that OpenAI expects revenue of $200 million (about €190 million) in 2023, followed by $1 billion (about €950 million) in 2024. According to the sources, OpenAI disclosed the forecast in a recent pitch to investors.

For-profit

The organization was founded in 2015 by Elon Musk and Sam Altman. OpenAI was initially nonprofit. By his own admission, Musk wanted to demonstrate that AI could improve the world without the dangers it’s often associated with.

The nonprofit label disappeared in 2019. OpenAI has been legally able to accept funding from corporate investors since. Microsoft backed the organization with $1 billion in the same year.

Today, OpenAI is a commercial company — not just on paper, but in practice as well. The organization recently launched an API that allows developers to incorporate DALL-E into applications. Each image generated costs a few cents.

ChatGPT is free for now, but investors have high expectations. One of Reuters’ sources said OpenAI was recently valued at $20 billion.

Reuters contacted the organization, but OpenAI declined to comment. The company maintains that it wants to help humanity by safely developing AI. According to the organization, money comes second. The numbers tell a different story.