OpenAI is currently on pace to generate more than $1 billion in revenue over the next 12 months from the sale of artificial intelligence software and the computing capacity that powers it. That’s far ahead of revenue projections the company previously shared with its shareholders, according to a person with direct knowledge of the situation.

The billion-dollar revenue figure implies that the Microsoft-backed company, which was valued on paper at $27 billion when investors bought stock from existing shareholders earlier this year, is generating more than $80 million in revenue per month. OpenAI generated just $28 million in revenue last year before it started charging for its groundbreaking chatbot, ChatGPT. The rapid growth in revenue suggests app developers and companies—including secretive ones like Jane Street, a Wall Street firm—are increasingly finding ways to use OpenAI’s conversational text technology to make money or save on costs. Microsoft, Google and countless other businesses trying to make money from the same technology are closely watching OpenAI’s growth.