Overview

• Dragoneer Investment Group led the round with a $2.8 billion investment alongside new backers Blackstone, TPG and T. Rowe Price
• The funding closed ahead of schedule at five times oversubscription, prompting smaller allocations for some early investors
• Annual recurring revenue jumped to $13 billion from $10 billion in June and is forecast to exceed $20 billion by year-end
• Paid business users of ChatGPT have risen to five million from three million in recent months
• OpenAI is in talks with Microsoft over converting to a for-profit structure, a step toward its anticipated IPO