OpenAI Revenue Soars to $1.6 Billion Amid ChatGPT Success

Company plans new funding round, eyes entry into custom chip market.

OpenAI's annual revenue has reached $1.6 billion, a 20% increase in just two months, largely due to the popularity of its chatbot, ChatGPT.
The company's year-over-year revenue increase is an impressive 5,700%, up from $28 million last year.
OpenAI is reportedly planning a new round of funding with a targeted valuation of $100 billion or more.
There are discussions about OpenAI entering the custom chip market, potentially raising between $8 and $10 billion with Abu Dhabi-based G42.
Some members of OpenAI’s management believe the company's revenue could reach $5 billion or more by the end of 2024.