STORY: Business is booming at OpenAI.
The ChatGPT maker said Monday that revenue had hit an annual rate of $10 billion as of June.
That excludes large one-time deals, and licensing payments by major backer Microsoft.
Overall it leaves OpenAI well on track to hit a target of $12.7 billion in revenue for 2025.
That suggests it’s far ahead of competitors in generating money, though they too are seeing gains.
Rival Anthropic recently surpassed $3 billion in annualized revenue.
But the pace of change is striking at OpenAI, which lost about $5 billion last year.
And that’s helping drive lofty valuations for the firm.
In March, it said it would raise $40 billion in a new fundraising round led by Japanese investor SoftBank.
The deal valued OpenAI at $300 billion.
Since launching ChatGPT in late 2022, the outfit led by Sam Altman has rolled out a bevy of subscription offerings.
By the end of March it claimed to have 500 million weekly active users.
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