As OpenAI discusses raising an unprecedented investment round of up to $100 billion, it can crow about some key improvements to how it runs its business. While its total computing costs are still high as a percentage of revenue, it is wringing more revenue out of every dollar it spends to run the servers that power ChatGPT’s subscription business and selling access to models to corporate customers.

The company’s compute margin, its share of revenue after the cost of running AI models for paying users, has jumped to about 70% in October from about 52% at the end of last year and roughly 35% in January 2024, according to a person with knowledge of the company’s financials.