OpenAI has reached an annual recurring revenue of roughly $10 billion during the first half of 2025, up 82% from a year earlier, according to a new JPMorgan research note. The bank says close to 70% of that revenue comes from consumer products such as ChatGPT, which now counts about 800 million users, while 34% of US businesses hold paid subscriptions to the company’s services. Despite the rapid expansion, the note cautions that OpenAI remains several years away from profitability and currently trades at about 27 times JPMorgan’s forecast for 2025 revenue—roughly triple the average multiple of the so-called M7 group of large AI peers. JPMorgan says the company’s competitive moat is shrinking as rivals accelerate product launches. Looking ahead, the bank estimates that OpenAI’s total addressable market could surpass $700 billion by 2030, supported by its consumer-first model, widening product lineup and efforts to deepen enterprise penetration. JPMorgan adds that sustained revenue growth will depend on converting free users into paying customers and defending market share against technology incumbents and well-funded startups.