00:00 Speaker A
Well, OpenAI has officially become the world’s most valuable company. According to the Wall Street Journal, the company completed a deal with investors that values the chat GPT maker at around $500 billion. The record valuation for the private company comes just three years after it launched its flagship product.
00:15 Speaker A
The company has now surpassed SpaceX as the world’s most valuable private company. Behind SpaceX, you have AI startup Anthropic, data intelligence firm Data Bricks and payment processor Stripe. The sale speaks to the frenzy around artificial intelligence and the sky high expectations for OpenAI.
00:30 Speaker A
It is also a rapid jump from earlier this year when Softbank agreed to lead a $40 billion investment in the startup at a $300 billion valuation.
00:39 Speaker A
OpenAI’s latest valuation gives it a market value roughly equivalent to Exxon Mobile, which reported annual revenue of almost 350 billion last year and profit of more than 30 billion. The AI company meanwhile is expecting $13 billion of revenue this year and a net loss in the billions of dollars. That’s according to the Wall Street Journal.
