OpenAI IPO

OpenAI is an artificial intelligence research company founded in 2015 as a nonprofit by Sam Altman, Elon Musk, Greg Brockman, and others with the stated mission of ensuring that artificial general intelligence benefits all of humanity. The company transitioned to a capped-profit structure in 2019 to attract the capital required for large-scale AI development, and recently reorganized toward a more conventional for-profit structure.

OpenAI is the creator of the GPT series of large language models and ChatGPT, which became the fastest-growing consumer application in history upon its November 2022 launch. GPT-4 and its successors power ChatGPT, as well as a broad ecosystem of third-party applications via the OpenAI API. The company also develops DALL-E for image generation, Whisper for speech recognition, and Sora for video generation.

OpenAI has a strategic partnership with Microsoft, which has invested approximately $13 billion and integrates OpenAIs models across Microsoft 365, Azure, Bing, and GitHub Copilot. The company reported annualized revenue of approximately $3.4 billion in early 2024, growing rapidly. OpenAI is valued at approximately $157 billion following its 2024 funding round led by SoftBank.