Agrawal: OpenAI's Consumer Business Could Reach $200B in Annual Revenue
Apoorv Agrawal · Understanding OpenAI’s $500B Valuation · Sourcery with Molly O'Shea · Aug 27, 2025 · at 5:10
Apoorv Agrawal, Partner at Altimeter Capital, breaks down Altimeter's long-term mathematical modeling and valuation thesis for OpenAI's consumer business.
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“We think over time, The number of users could go up to three to four billion users. We think on the monetization side, over time, it could go from 10 today to 60, 70 dollars per user per year, which is where Meta and Google and other large consumer platforms are. And together, you know, p times q three to four billion users multiplied by 60, 70 dollars a user gets you to about 200 dollars, two hundred billion dollars of a revenue opportunity over some medium amount of time frame.”
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