OpenAI expects revenue to reach $11.6 billion next year, and Thrive gets “exclusive” right to reinvest in 2025

Zhitong Finance App learned that according to people familiar with the matter, in OpenAI's current round of 6.5 billion US dollars, Thrive Capital has invested more than 1 billion US dollars and received a right that other investors cannot obtain: if OpenAI achieves revenue goals, it may invest another 1 billion US dollars at the same valuation next year. According to sources, OpenAI expects revenue to soar from 3.7 billion US dollars in 2024 to 11.6 billion US dollars next year, and losses this year are expected to reach 5 billion US dollars, mainly due to possible changes in computing power expenses.

Currently, this round of financing will be carried out in the form of convertible bonds. It is expected that it will end next week, and OpenAI's valuation may reach 150 billion US dollars, strengthening its position as one of the most valuable private companies in the world.

This valuation depends on completing a complex restructuring to remove control of its non-profit board of directors and lift the upper limit on investors' return on investment. A specific timeline for when the conversion will be completed has not yet been disclosed.

Thrive Capital also led OpenAI's last round of funding, which will now provide $1.2 billion through its own funds and a special purpose vehicle for small investors. Other investors in this round of financing include Microsoft (MSFT.US), Apple (AAPL.US), Nvidia (NVDA.US), and Khosla Ventures (Khosla Ventures).

Others have no options for future investments at current prices, sources said. OpenAI's valuation has soared rapidly. If this trend continues, Thrive will increase its OpenAI shares at a discount next year.

Currently, foreign media are unable to determine revenue targets related to Thrive Options. The company was founded by Joshua Kushner (Joshua Kushner). Thrive and OpenAI declined to comment.

OpenAI's revenue forecast far exceeds the $1 billion previously estimated by its CEO Sam Altman (Sam Altman). Its main source of revenue is selling services to businesses and subscribing to its chatbot. Its flagship product, ChatGPT, is expected to generate $2.7 billion in revenue this year, compared to $700 million in 2023. The chatbot service costs $20 per month and has around 10 million paying users.