Key facts
- OpenAI pitched ChatGPT ads and its Codex coding tool to marketers at Cannes Lions.
- The company aims to generate substantial ad revenue to subsidize information access.
- OpenAI has confidentially filed for an initial public offering (IPO) with the US SEC.
- The AI firm's current valuation is $852 billion, with potential to reach $1 trillion.
- OpenAI futures open interest has decreased by over 7% in the past 24 hours.
OpenAI made its debut at the Cannes Lions advertising event, presenting its ChatGPT advertising business and Codex coding tool to marketers. The company aims to diversify its revenue streams ahead of a highly anticipated initial public offering (IPO).
Executives including CRO Denise Dresser and VP of Global Ads Solutions David Dugan showcased how brands can integrate AI into their workflows. They demonstrated Codex, an AI-powered coding assistant, to help marketers rapidly build custom applications for creating and managing advertising campaigns. Dugan stated that revenue from the ad offering is intended to subsidize and grow access to information.
The AI firm, which is currently loss-making, hopes to generate $100 billion from its ads business by 2030. OpenAI launched ads for its ChatGPT services in February. Following competitor Anthropic's IPO filing, OpenAI has confidentially filed for its own IPO with the US SEC.
OpenAI's current valuation stands at $852 billion and could reach $1 trillion by the time of its IPO. Coinbase has introduced perpetual futures contracts for AI companies like OpenAI and Anthropic, although OpenAI futures open interest has seen a decline of over 7% in the past 24 hours.