OpenAI: ChatGPT maker’s UK earnings skyrocket
OpenAI has raked in millions of pounds since the launch of artificial intelligence (AI) service ChatGPT in the UK, it has been revealed.
The UK division of the US tech giant ended last year with current assets of £56.2m which included £42.4m in the bank and a further £13.7m owed by debtors, according to new accounts filed with Companies House.
Those totals compare to the current assets of £1.1m the business had at the end of the 15 months to 31 December, 2023, which was made up of £198,915 in the bank and £973,990 owed by debtors.
OpenAI’s non-current assets also rose from £178,823 to £964,495 but its current liabilities also surged from £476,555 to £42.2m.
Of the £42.2m it owes, £39.8m is inter-company debt which is not expected to be paid back to its US parent.
At the end of 2024, the company’s shareholders’ funds had increased from £875,173 to £6.2m while it made a profit of £4.1m in the year, up from a loss of £1.2m.
According to the results, the number of people employed by OpenAI increased from 19 to 55. It’s understood that the business now employs around 100 people in the UK.
OpenAI UK Limited was set up in September 2022 when ChatGPT was launched.
Sam Altman’s OpenAI signs UK Government deal for ChatGPT
The results come after OpenAI signed a deal with the government to use AI to boost productivity in the UK’s public services.
The agreement could see the business gain access to government data and have its software used in education, defence, security and the justice system.
In a statement issued on Tuesday, 22 July, Technology secretary Peter Kyle said that “AI will be fundamental in driving change” in the UK and “driving economic growth”.
As part of the announcement, OpenAI confirmed that it would expand its London office.
The company did not respond to Morning Wire when asked how many jobs that deal would create.
In May, OpenAI ditched plans to become a for-profit business in a move which means the company will remain under the control of a non-profit board.
The announcement came after a bitter power struggle over the firm.