OpenAI Hits $10 Billion in Annual Recurring Revenue

OpenAI has reached its annual recurring revenue (ARR) of $10 billion up from around $5.5 billion last year, one of the company's insider confirmed this information. This achievement follows two and a half years since the debut of its widely used ChatGPT chatbot. The revenue growth is boosted through the company’s consumer products, ChatGPT business products, its application programming interface (API), income from Microsoft licensing agreements and one-off deals that are significant. This shows that there has been strong demand for OpenAI's products and services. Currently, the company is having 500 million plus weekly active users and 3 million subscribing business customers. In addition to that, the AI company secured $40 billion funding round, led by SoftBank, in March, making it be valued at $300 billion. The funding round is the largest private tech deal on record. RELATED OpenAI to Build Social Media Platform that Mimics X, Formerly Twitter. People Are Now Using X's Grok A…