OpenAI could soon reach a valuation of $100bn, with a funding round set to begin. The funding for the artificial intelligence research organization will be led by Thrive Capital, which, according to reports, is set to invest $1bn.
OpenAI Looking for Funding Based on $100bn Valuation
OpenAI was valued at $29bn last year, but that rose to $80bn early in 2024. The rise in its value coincided with annual revenue exceeding $2bn for the first time, a landmark which came earlier this year. Before that, the launch of the ChatGPT chatbot at the end of 2022 helped put the company into the public eye, with a range of products coming after.
News of the funding round was broken to employees by OpenAI’s Chief Financial Officer Sarah Friar, who sent a memo to workers on Wednesday explaining that they needed to bring in fresh capital. This financing is required because of the company’s need for more computing power and rising operating expenses in other areas.
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OpenAI CEO Sam Altman posted on X, confirming recent reports that a new prototype search engine called SearchGPT will be released soon. It has been designed to answer questions clearly and provide relevant sources. The search engine will eventually be integrated into the chatbot.
Altman said:
We think there is room to make search much better than it is today. we are launching a new prototype called SearchGPT. We will learn from the prototype, make it better, and then integrate the tech into ChatGPT to make it real-time and maximally helpful.
