【兴证计算机】OpenAI深度：大模型王者，引领AGI之路

Core Viewpoint - OpenAI has established itself as a global leader in the large model era, with a decade of development that continues to shape the AI large model industry trends [1][2]. Group 1: Review of OpenAI - OpenAI was founded in 2015 as a non-profit organization, leveraging a top-tier founding team to secure a leading position in the industry. The team has expanded significantly while maintaining a flat organizational structure, with over 5,000 employees expected by April 2025 and a median salary of $630,000, which is above the national average [2][3]. - The company's revenue is projected to reach $13 billion in 2025, representing a 2.5 times year-on-year growth, with expectations to exceed $100 billion by 2028. Revenue sources are diversifying from ChatGPT to APIs and Agents [2][3]. - OpenAI's valuation has risen to $750 billion by the end of 2025, following over ten rounds of financing, with continued investments from major players like Microsoft, SoftBank, and NVIDIA [2][3]. Group 2: Future Outlook - OpenAI maintains a high-frequency model release schedule, with the GPT-5 series leading in areas such as mathematical reasoning and programming, transitioning products from "tool-like assistants" to "productivity partners" [3][4]. - The Sora 2 model has shown significant performance improvements, with a notable partnership with Disney involving a $1 billion equity investment, which is expected to enhance user engagement and retention [3][4]. - ChatGPT has surpassed 1.2 billion monthly active users, leading the industry, with a weekly user conversion rate of approximately 5%, indicating substantial potential for future monetization [3][4]. - The company is expanding its product line based on its models, with innovations like the Atlas AI browser and advanced Codex code tools, while also planning to enter the AI hardware space [3][4]. Group 3: Vision and Ecosystem - OpenAI's core mission is to ensure that AGI benefits all of humanity, with a dual-track structure established in October 2025 to align commercial development with its mission [4]. - The company is building a differentiated competitive barrier by leveraging its technological lead and user base of 800 million weekly active users, collaborating with giants like Microsoft, NVIDIA, Oracle, and Amazon AWS to create an AI infrastructure network [4]. - OpenAI plans to launch a ChatGPT application store in December 2025, integrating various applications to enhance its capabilities and transition ChatGPT towards an operating system-like platform [4]. - As of November 2025, OpenAI has surpassed one million global enterprise customers, with over 7 million commercial user seats for ChatGPT for Work [4].