OpenAI, owner of the AI chat generator, ChatGPT, which has attracted attention as an AI provider and potential Google search competitor, has said that it expects $200 million in revenue next year and $1 billion by 2024 in a recent pitch to investors.

The research organisation, co-founded by Elon Musk and investor Sam Altman and backed by $1 billion in funding from Microsoft Corp, is expecting its business to surge.‌‌‌‌

The new AI chatbot has answered queries for more than 1 million users so far and can fix programming bugs and crack jokes. But some investors have expressed scepticism about the new creation, while others are betting that the underlying technology will go far beyond splashy and sometimes flawed public demos.‌‌‌‌

OpenAI was most recently valued at $20 billion in a secondary share sale, news sources said. The startup has already inspired rivals and companies building applications atop its generative AI software, which includes the image maker DALL-E 2.‌‌