OpenAI, the renowned artificial intelligence company, is on the path to surpassing the impressive milestone of $1 billion in revenue over the next 12 months.

According to reports, this remarkable achievement is primarily attributed to the sale of artificial intelligence software and the substantial computing infrastructure that fuels its cutting-edge AI models.

“This projection marks a substantial increase from the previously estimated revenue of $200 million for the current year.”

Backed by tech giant, Microsoft, the Sam Altman-owned company is currently raking in more than $80 million in monthly revenue, a staggering rise compared to the modest $28 million earned in the entire previous year, as per a recent report by The Information.

It should be noted that OpenAI incurred a significant loss of approximately $540 million in 2022, primarily due to the extensive development efforts dedicated to GPT-4 and ChatGPT.

“One of OpenAI’s key revenue streams includes offering API access to its AI models, catering to developers and enterprises directly. Additionally, the strategic partnership with Microsoft, which injected over $10 billion into OpenAI in January, has significantly bolstered the company’s financial standing.”

Since its debut in November, OpenAI’s ChatGPT has garnered widespread attention and adoption by companies ranging from startups to major corporations, who have integrated this innovative technology into their business operations and products.

Recently, OpenAI unveiled the corporate version of ChatGPT, featuring enhanced functionalities and robust privacy safeguards.

“This represents OpenAI’s most substantial effort to date in attracting a diverse clientele of businesses and increasing revenue from its flagship product.”

The introduction of ChatGPT Enterprise marks a pivotal step in OpenAI’s quest to monetize its ubiquitous chatbot.

While ChatGPT has enjoyed tremendous popularity, its operation incurs significant costs due to the intensive computing power required to maintain such advanced AI models.

OpenAI has already taken strides to generate revenue from ChatGPT by offering premium subscription services and enabling companies to access its application programming interface, facilitating the integration of the chatbot into various applications.