Tech Overload: Business Goes Under Water

According to media reports, OpenAI’s annual run rate is expected to touch $1.6 billion in 2024. This marks a $300 million increase from the previously forecasted $1.3 billion in October last year, attributed to revenue sources such as ChatGPT subscriptions and API access.

Similarly, Anthropic’s annualised revenue may hit $850 million in 2024. This is a massive growth for the company which had a revenue run rate of $100 million in September 2023. Another major AI company Midjourney claims that it clocked $200 million in 2023 from its subscription model that charges users between $10 and $120 monthly.

These numbers paint a very hunky-dory picture of the generative AI field. However, the entire story turns upside down when you flip the coin.

It took $10 billion for OpenAI to build different versions of GPT. Anthropic, the creator of AI chatbot Claude 2, had raised about $3 billion till September 2023, and was in talks with Amazon, Google and others to raise as much as $5 billion over the next two years.