FT : Novo Nordisk launches price war over weight-loss pills

Novo Nordisk launches price war over weight-loss pills
Lowest doses of Wegovy in oral form will start at $149 a month for US users until April

Novo Nordisk is launching a weight-loss pill price war as it seeks to keep pace with arch-rival Eli Lilly in the market for GLP-1 drugs.

The Danish drugmaker announced on Monday that patients could purchase the lowest 1.5mg and 4mg doses of its Wegovy pill for $149 a month in the US until April, when the 4mg dose will rise to $199 a month. Patients with insurance can pay as little as $25 a month for the lowest doses.

Higher doses of the drug at 9mg and 25mg are priced at $299 for a month-long supply.

Shares in the Copenhagen-listed company rose more than 2 per cent on Monday following the announcement, but have fallen 45 per cent over the past 12 months.

The Wegovy pill costs significantly less than Novo’s injectable version of the drug and Lilly’s own injectable, Zepbound, which dominate the market. Both drugs cost more than $1,000 a month but the price will be cut to about $350 when TrumpRx, the medicine purchasing website proposed by US President Donald Trump, launches later this year.

The pricing announcement comes weeks after the oral version of Wegovy was approved by the US Food and Drug Administration, marking the first regulatory nod for a weight-loss treatment in pill form.

The lower prices signal the start of a race to attract more patients who are overweight or obese. The pill resulted in an average weight loss of about 17 per cent of body weight after 64 weeks, according to trial results announced by Novo.

The pill must be taken daily on an empty stomach. Users have to wait at least 30 minutes before eating, drinking or taking other oral medications in order to give the pill time to absorb, according to the company’s instructions.

Lilly’s weight-loss pill, orforglipron, is expected to be approved by the US regulator this year. The White House said last year that it had reached a deal with Lilly for orforglipron to cost $346 a month when purchased through TrumpRx.

Orforglipron has had mixed fortunes in clinical trials. It disappointed in a trial of people without diabetes, delivering an average weight loss of 12.4 per cent of body weight, which was at the lower end of analysts’ expectations.

However, the drug met the company’s targets in achieving 10.5 per cent weight reduction in overweight people with diabetes.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • DVLT +22.8%, KZIA +22%, GHRS +20.5%, PBF +16.7%, QXO +9.1%, NMRA +9%, ALMS +7.8%, CVX +7.3%, COP +7.2%, ATRA +6.9%, POWW +6.6%, NVA +5%, XLE +4.7%, XOM +4.5%, CRWV +4%, FFAI +3.7%, RIOT +3.5%, CNCK +3.4%, ZURA +3.4%, PLAB +2.8%, BBAI +2.1%, OXY +2.1%, KDK +1.6%, DVN +1.5%, CANG +1.4%, NOC +1.3%, LMT +1.1%, GD +0.9%, HIMX +0.8%, LHX +0.7%
  • Gapping down:
    • NXXT -6%, AVR -5.3%, CRNX -1.6%, PB -1.5%, BWIN -1.1%, GSK -1%, BNR -1%, SNY -1%, NIU -1%

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Agilent (A) upgraded to Outperform from In Line at Evercore ISI, tgt $160
    • Alerus Financial (ALRS) upgraded to Strong Buy from Outperform at Raymond James, tgt $27
    • American Tower (AMT) upgraded to Buy from Neutral at New Street, tgt $203
    • Arista Networks (ANET) upgraded to Overweight from Neutral at Piper Sandler, tgt $159
    • Arm (ARM) upgraded to Outperform from Neutral at Oddo BHF, tgt $170
    • ASML (ASML) upgraded to Outperform from Market Perform at Bernstein, tgt $1,528
    • Azenta (AZTA) upgraded to Outperform from In Line at Evercore ISI, tgt $50
    • Centene (CNC) upgraded to Overweight from Equal Weight at Barclays, tgt $54
    • Church & Dwight (CHD) upgraded to Outperform from Market Perform at Raymond James, tgt $100
    • Citizens Financial (CFG) upgraded to Overweight from Equal Weight at Barclays, tgt $77
    • Coinbase (COIN) upgraded to Buy from Neutral at Goldman, tgt $303
    • Continental AG (CTTAY) upgraded to Market Perform from Underperform at Bernstein
    • Costco (COST) upgraded to Outperform from Neutral at Mizuho, tgt $1,000
    • CoreWeave (CRWV) upgraded to Neutral from Underperform at DA Davidson, tgt $68
    • Cullen/Frost (CFR) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $150
    • Dover (DOV) upgraded to Buy from Neutral at UBS, tgt $256
    • Duolingo (DUOL) upgraded to Buy from Neutral at BofA Securities, tgt $250
    • Emerson (EMR) upgraded to Buy from Neutral at UBS, tgt $168
    • Enphase Energy (ENPH) upgraded to Sector Weight from Underweight at KeyBanc
    • Equitable Holdings (EQH) upgraded to Overweight from Neutral at JPMorgan, tgt $60
    • Excelerate Energy (EE) upgraded to Strong Buy from Outperform at Raymond James, tgt $36
    • F5 (FFIV) upgraded to Outperform from Sector Perform at RBC Capital, tgt $325
    • F5 (FFIV) upgraded to Overweight from Neutral at Piper Sandler, tgt $295
    • First Industrial Realty (FR) upgraded to Buy from Hold at Deutsche Bank, tgt $67
    • Hershey (HSY) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $182
    • HII (HII) upgraded to Buy from Hold at Melius Research
    • IBM (IBM) upgraded to Buy from Hold at Jefferies, tgt $360
    • Intel (INTC) upgraded to Buy from Hold at Melius Research, tgt $50
    • iRhythm (IRTC) upgraded to Outperform from In Line at Evercore ISI, tgt $210
    • Ironwood Pharmaceuticals (IRWD) upgraded to Outperform from Market Perform at Citizens, tgt $8
    • Kinetik Holdings (KNTK) upgraded to Outperform from Market Perform at Raymond James, tgt $46
    • Marvell (MRVL) upgraded to Buy from Hold at Melius Research, tgt $135
    • Mobileye (MBLY) upgraded to Overweight from Equal Weight at Barclays, tgt $16
    • Moody's (MCO) upgraded to Buy from Hold at Stifel, tgt $574
    • Motorola Solutions (MSI) upgraded to Overweight from Neutral at Piper Sandler, tgt $443
    • Oscar Health (OSCR) upgraded to Equal Weight from Underweight at Barclays, tgt $18
    • Palo Alto Networks (PANW) upgraded to Neutral from Sell at Guggenheim
    • Pinnacle Financial (PNFP) upgraded to Overweight from Neutral at Piper Sandler, tgt $120
    • Procore (PCOR) upgraded to Overweight from Equal Weight at Barclays, tgt $90
    • Sight Sciences (SGHT) upgraded to Overweight from Neutral at Piper Sandler, tgt $9
    • Sonoco (SON) upgraded to Buy from Neutral at BofA Securities, tgt $60
    • Sunoco LP (SUN) upgraded to Strong Buy from Outperform at Raymond James, tgt $70
    • SunocoCorp (SUNC) upgraded to Strong Buy from Outperform at Raymond James, tgt $70
    • Tactile Systems (TCMD) upgraded to Overweight from Neutral at Piper Sandler, tgt $35
    • United Rentals (URI) upgraded to Buy from Neutral at UBS, tgt $1,025
    • Varonis (VRNS) upgraded to Overweight from Neutral at Piper Sandler, tgt $47
    • WaterBridge Infrastructure (WBI) upgraded to Strong Buy from Outperform at Raymond James, tgt $30
    • Woodward (WWD) upgraded to Buy from Hold at Melius Research
    • Zimmer Biomet (ZBH) upgraded to Outperform from In Line at Evercore ISI, tgt $210
  • Downgrades:
    • Adobe (ADBE) downgraded to Hold from Buy at Jefferies, tgt $400
    • Alstom (ALSMY) downgraded to Hold from Buy at Kepler Cheuvreux
    • AutoZone (AZO) downgraded to Neutral from Outperform at Mizuho, tgt $3,550
    • Avantor (AVTR) downgraded to In Line from Outperform at Evercore ISI, tgt $12
    • Bausch + Lomb (BLCO) downgraded to In Line from Outperform at Evercore ISI, tgt $18
    • Crown Castle (CCI) downgraded to Neutral from Buy at New Street, tgt $93
    • Domino's Pizza (DPZ) downgraded to Hold from Buy at TD Cowen, tgt $460
    • EastGroup Properties (EGP) downgraded to Hold from Buy at Deutsche Bank, tgt $185
    • Enterprise Products (EPD) downgraded to Outperform from Strong Buy at Raymond James, tgt $36
    • Eaton (ETN) downgraded to Neutral from Buy at UBS, tgt $360
    • eToro (ETOR) downgraded to Neutral from Buy at Goldman, tgt $39
    • EverCommerce (EVCM) downgraded to Sector Perform from Outperform at RBC Capital, tgt $12
    • Exact Sciences (EXAS) downgraded to In Line from Outperform at Evercore ISI, tgt $105
    • Exelixis (EXEL) downgraded to Underperform from Neutral at BofA Securities, tgt $41
    • Five9 (FIVN) downgraded to Neutral from Overweight at Piper Sandler, tgt $21
    • Fortive (FTV) downgraded to Underperform from Outperform at Mizuho, tgt $51
    • Guardant Health (GH) downgraded to In Line from Outperform at Evercore ISI, tgt $105
    • Gulfport Energy (GPOR) downgraded to Peer Perform from Outperform at Wolfe Research
    • Hess Midstream (HESM) downgraded to Market Perform from Outperform at Raymond James
    • Hologic (HOLX) downgraded to In Line from Outperform at Evercore ISI, tgt $78
    • Life360 (LIF) downgraded to Market Perform from Outperform at Citizens
    • MPLX (MPLX) downgraded to Market Perform from Outperform at Raymond James
    • Omnicom (OMC) downgraded to Underperform from Neutral at BofA Securities, tgt $77
    • PagerDuty (PD) downgraded to Sector Perform from Outperform at RBC Capital, tgt $15
    • Pentair (PNR) downgraded to Sell from Hold at TD Cowen, tgt $90
    • Principal Financial (PFG) downgraded to Neutral from Overweight at JPMorgan, tgt $103
    • Rapid7 (RPD) downgraded to Underweight from Equal Weight at Barclays, tgt $15
    • Roper Technologies (ROP) downgraded to Underperform from Neutral at Mizuho, tgt $419
    • RTX (RTX) downgraded to Neutral from Buy at UBS, tgt $199
    • SentinelOne (S) downgraded to Neutral from Overweight at Piper Sandler, tgt $17
    • State Street (STT) downgraded to Equal Weight from Overweight at Barclays, tgt $152
    • Truist Financial (TFC) downgraded to Underweight from Equal Weight at Barclays, tgt $56
    • Twilio (TWLO) downgraded to Neutral from Overweight at Piper Sandler, tgt $148
    • Uber (UBER) downgraded to Sell from Hold at Melius Research, tgt $73
  • Others:
    • Akari Therapeutics (AKTX) initiated with a Buy at Ladenburg, tgt $1
    • Bitmine Immersion (BMNR) initiated with an Overweight at Cantor Fitzgerald, tgt $39
    • Cardinal Infrastructure (CDNL) initiated with an Outperform at William Blair
    • Cardinal Infrastructure (CDNL) initiated with a Buy at Stifel, tgt $28
    • Compass Therapeutics (CMPX) initiated with an Outperform at William Blair
    • Eastern Bankshares (EBC) initiated with an Outperform at Hovde Group, tgt $22.50
    • Lumexa Imaging (LMRI) initiated with a Buy at Deutsche Bank, tgt $22
    • Lumexa Imaging (LMRI) initiated with an Outperform at Leerink, tgt $23
    • Lumexa Imaging (LMRI) initiated with an Outperform at Raymond James, tgt $23
    • Lumexa Imaging (LMRI) initiated with an Outperform at William Blair
    • Lumexa Imaging (LMRI) initiated with an Overweight at Wells Fargo, tgt $22
    • Lumexa Imaging (LMRI) initiated with a Buy at Jefferies, tgt $23
    • MediciNova (MNOV) initiated with a Buy at Lucid Capital, tgt $11
    • Pinnacle Financial (PNFP) initiated with a Neutral at DA Davidson, tgt $110
    • SharpLink Gaming (SBET) initiated with an Overweight at Cantor Fitzgerald, tgt $15
    • SuRo Capital (SSSS) initiated with a Buy at Lucid Capital, tgt $12
    • vTv Therapeutics (VTVT) initiated with a Buy at TD Cowen, tgt $67
    • Waters (WAT) initiated with an Outperform at William Blair
    • Watts Water (WTS) initiated with a Sector Perform at RBC Capital, tgt $288
    • Zurn Elkay Water (ZWS) initiated with a Sector Perform at RBC Capital, tgt $49

>>> US Gapping up

Gapping up
Select metals/mining stocks trading higher:
  • ACH +4.3%, SLV +3.4%, AG +2.9%, EXK +2.8%, AU +2.5%, NG +2.2%, SA +2.2%, PAAS +2.2%, HL +2.2%, GOLD +2%, GLD +1.9%, GDX +1.9%, GFI +1.9%, HMY +1.9%, IAG +1.9%, KGC +1.7%, AA +1.7%, NEM +1.6%, AEM +1.4%, PAA +1.3%
Select oil/gas related names showing strength:
  • CVX +6.5%, COP +5.1%, XLE +4.1%, XOM +3.2%, OXY +2%, DVN +0.9%, USO +0.6%
Other news:
  • DVLT +22.8% (entered into a Master Purchase Order Agreement with AP Global)
  • KZIA +22.6% (shares reopened after being halted on Friday)
  • GHRS +16.2% (cleared to advance GH001 toward global Phase 3 in 2026)
  • PBF +12.8% (provides update on Martinez refinery operations)
  • ARBE +12.5% (combining Arbe's radar technology with NVIDIA (NVDA) accelerated computing)
  • ATRA +8.6% (amends commercialization agreement with Pierre Fabre Medicament)
  • NMRA +8.4% (reports results from NMRA-511 Phase 1b Signal-Seeking Study in Alzheimer's Disease Agitation; highlights 2026 pipeline strategy and anticipated upcoming milestones)
  • POWW +7.2% (announces authorization of share repurchase program)
  • CBUS +6.9% (Cibus Global and Interoc advance herbicide-tolerant rice commercialization in Latin America)
  • QXO +5.9% (secures $1.2 bln preferred equity commitment to support acquisitions)
  • NVA +5.3% (response to media article regarding Pakistani antimony concentrate)
  • PLX +5.2% (provides several updates in letter to stockholders)
  • CRWV +4.2% (disclosed amended credit agreement)
  • RIOT +3.7% (names Jason Chung as CFO)
  • FFAI +3.7% (enters into warrant termination agreements)
  • CNCK +3.4% (files for $200 mln mixed securities shelf offering)
  • ZURA +3.2% (entered into several agreements, issued shares)
  • GYRE +2.8% (aligns with China CDE on conditional approval pathway for hydronidone)
  • PLAB +2.1% (announcess that Chief Technology Officer Christopher Progler will be stepping away from his current role with the company as part of a planned leadership transition following more than 20 years of service)
  • JBIO +2% (outlines key 2026 objectives and strategy to advance pipeline of potentially best-in-class monoclonal antibodies across multiple autoimmune diseases ahead of the 44th Annual J.P. Morgan Healthcare Conference)
  • BBAI +1.9% (expects to eliminate approximately $125 million of debt through a combination of voluntary conversions by noteholders and the Company's redemption of any Notes that have not been converted through the Redemption Date)
  • RANI +1.5% (entered into a securities purchase agreement; adopted amended and restated bylaws)
  • CANG +1.4% (reports December 2025 bitcoin production update)
  • HIMX +1.3% (confirms CPO collaboration and strategic partnership with FOCI remain unchanged)
  • IMDX +1% (prepares for U.S. commercial launch of GraftAssuredx as clinical trial nears completion)

>>> US Gapping down

Gapping down
Other news:
  • NXXT -6% (subsidiary served with a complaint alleging default under a promissory note)
  • AVR -5.3% (files for $500 mln mixed securities shelf offering)
  • CRNX -3.7% (to provide PALSONIFY business update and announce topline results from fourth cohort of Phase 2 Trial of Atumelnant in Congenital Adrenal Hyperplasia)
  • PB -1.5% (completes merger with American Bank Holding)
  • BWIN -1.1% (completes merger transaction with CAC Group)

>>> Europe : Brokers Upgrades & Downgrades - 5th of January 2026 V2(+)

>>> Up
* ARM Holdings ADRs Raised to Outperform at Oddo BHF; PT $170
* ASML Raised to Outperform at Bernstein; PT 1,300 euros (+)
* Canal PT raised from 370p to 400p at BofA ML
* Coinbase Raised to Buy at Goldman; PT $303
* Comet Raised to Buy at Bank Vontobel; PT 275 Swiss francs (+)
* Continental Raised to Market Perform at Bernstein (+)
* DKSH Raised to Neutral at BNP Paribas; PT 57 Swiss francs
* Dover Raised to Buy at UBS; PT $256
* Emerson Electric Raised to Buy at UBS; PT $168
* Enphase Energy Raised to Sector Weight at KeyBanc
* Eurofins Scientific Raised to Outperform at BNP Paribas
* Evonik Raised to Equal-Weight at Morgan Stanley; PT 14.70 euros
* IBM Raised to Buy at Jefferies; PT $360
* Johnson Matthey Raised to Buy at Berenberg; PT 2,550 pence
* Luotea Oyj Raised to Accumulate at Inderes; PT 2.70 euros
* Motorola Solutions Raised to Overweight at Piper Sandler
* Nokia PT raised to 5.40 from 4.50 at Bernstein
* NNIT Raised to Hold at ABG; PT 50 kroner
* Palo Alto Networks Raised to Neutral at Guggenheim
* Partners Group Raised to Buy at Citi; PT 1,190 Swiss francs
* Pirelli Raised to Outperform at Bernstein (+)
* Redeia Raised to Equal-Weight at Barclays; PT 15 euros
* Vestas Raised to Buy at Fearnley; PT 205 kroner (+)

>>> Down
* Alstom Cut to Hold at Kepler Cheuvreux (+)
* Athens Intnl Airport Cut to Neutral at UBS; PT 10.70 euros
* Adobe Cut to Hold at Jefferies; PT $400
* Appeal for volunteers to listen to children read
* Banco BPM Cut to Underweight at Morgan Stanley; PT 14 euros
* Bunzl Cut to Neutral at BNP Paribas; PT 2,350 pence
* Eaton Corp Cut to Neutral at UBS; PT $360
* EToro Group Cut to Neutral at Goldman; PT $39
* Grainger PT Cut to 200 pence from 220 pence at Peel Hunt
* Ibstock Cut to Hold at Deutsche Bank; PT 144 pence
* Intertek ADRs Cut to Neutral at BNP Paribas; PT $69
* Intertek Cut to Neutral at BNP Paribas; PT 5,200 pence

>>> Initiation
* BPER Banca Rated New Overweight at Morgan Stanley
* Luotea Oyj Rated New Buy at SEB Equities; PT 9.30 euros (+)
* Monte Paschi Reinstated Equal-Weight at Morgan Stanley
* Watts Water Reinstated Sector Perform at RBC; PT $288
* Zurn Elkay Water Rated New Sector Perform at RBC; PT $49

>>> Call
* Bernstein Upgrades ASML, Cuts Besi Estimates: EMEA TMT Premarket (+)
* BPER Banca Top Italy Bank Pick at Morgan Stanley, Banco BPM Cut
* BofA Says Now’s the Time to Buy Health Care, Real Estate Stocks
* Eurofins Double Upgraded to Outperform at BNP Paribas on Outlook (+)
* AlphaValue/Baader Europe Updates Siltronic Model Post-Capital Markets Day
* Syensqo Favored Chemicals Pick, Evonik Raised at Morgan Stanley
* TSMC Rises as Goldman Lifts PT By 35% on AI Multi-Year Growth

The Information : Warner / Paramount : Meanwhile, Back in Hollywood

Back in Hollywood

Another installment will come this week in the fight over Warner Bros. Discovery, which has turned into an extended soap opera. WBD’s board will reportedly (and predictably) once again reject Paramount Skydance’s offer rivaling the deal WBD has already signed with Netflix.

Paramount fixed an issue WBD complained about a few weeks ago: Paramount shareholder (and Oracle bigwig) Larry Ellison personally guaranteed the $40.4 billion equity component in Paramount's $108 billion offer. Unable to complain about that issue, WBD’s board will reportedly stick to the theme of “the offer isn’t high enough.”

That’s inherently subjective. While Paramount is offering $30 a share in cash for all of WBD, Netflix is offering a mix of cash and shares said to be worth $27.75 a share for just the streaming and studio part of WBD. WBD’s cable channels are to be spun off into a separate company ahead of the Netflix deal’s close. Shareholders in WBD will get stock in that company. It’s conceivable, then, that WBD shareholders could be better off with the Netflix deal.

That’s certainly the way WBD’s board is thinking about it, but that requires a leap of faith. WBD shareholders have to assess both the likely value of the Netflix equity they’ll receive as well as the stock they’ll get in the new cable channel spin-off.

Both of those calculations are tricky. Netflix shares have been steadily sliding downward since its interest in WBD surfaced in late October, falling 12% since the Dec. 5 announcement of the deal (including a 3% drop on Friday). The value of the Discovery stock shareholders will get is even harder to be sure of, although the calculation should get a bit easier this week. That’s because shares of Versant—the cable channel firm Comcast’s NBCUniversal is spinning off—start trading on Monday. Investors could use Versant’s valuation as a benchmark.

All that said, Paramount would be in a better position if it just raised its offer a dollar or two a share.

The Information : OpenAI’s International Conundrum

OpenAI’s International Conundrum

The Takeaway
  • ChatGPT’s user base is mostly outside U.S. and Canada.
  • OpenAI projects $112 billion in non-subscription revenue from free users.
  • Lower international ARPU challenges OpenAI’s ad revenue growth.


If OpenAI has its way, nearly one-third of the planet will be using ChatGPT by the start of the next decade. That’s roughly triple its nearly 900 million weekly users, and sounds like an impressive base to build a big advertising and commerce business.

But where ChatGPT attracts new users will arguably be as important as how many it attracts. Already, nearly 90% of ChatGPT’s users are outside the U.S. and Canada, according to estimates by market intelligence firm Sensor Tower. That’s an issue if OpenAI hopes to build a big advertising business.

OpenAI has told investors it could generate $112 billion in revenue from users of the free version of ChatGPT over the next five years, presumably from selling ads and taking a cut of online purchases made from the app. OpenAI spent 2025 hammering out how to put ads in ChatGPT and launching in-chat shopping features.

If those businesses take off, OpenAI has projected they could generate $46 billion in revenue from these nonpaying users in 2030 alone. But ChatGPT’s revenue will also depend heavily on where growth in its user base comes from, judging by the experience of existing digital ad firms.


At Pinterest, for example, the average revenue per user in the third quarter of 2025 was roughly $7.64 in the U.S. and Canada, $1.31 in Europe and just 21 cents in the rest of the world. That means the U.S. and Canada generated nearly 75% of Pinterest’s overall revenue, despite making up less than a fifth of its 600 million monthly active users. Snap’s numbers show a similar dynamic for that quarter.

Both Pinterest and Snap are relatively small, however, with $6 billion or less in annual revenue. Meta, a much bigger firm, hasn’t broken out the size or average revenue of its user base by region since the end of 2023. In the fourth quarter of that year, the U.S. and Canada accounted for just 10% of Meta’s daily active users but nearly 50% of overall revenue. At the time, Meta’s revenue per user was $68.44 in the U.S. and Canada and $23.14 in Europe, but just $5.52 in Asia-Pacific and $4.50 in the rest of the world.

OpenAI hasn’t publicly disclosed a geographic breakdown of its ChatGPT users, though estimates are available from outside analytics firms. In the third quarter of 2025, the U.S. and Canada accounted for 12% of monthly active users, according to Sensor Tower estimates, while roughly 66% of ChatGPT’s users were in regions outside the U.S., Canada and Europe.

Overall, India and Brazil rank in the top five ChatGPT markets by weekly active users, along with the U.S., Japan and France, The Information previously reported, and OpenAI CEO Sam Altman said in early 2025 that India was the company’s No. 2 market by users at the time.

Both India and Brazil, while large markets for OpenAI, would likely have lower average revenue per user than those in the U.S., Japan and France, as is the case at Meta, Pinterest and Snap.

How successfully OpenAI translates user growth to revenue is a big question for the company’s investors in the coming years.

Only about 5% of OpenAI’s nearly 900 million weekly ChatGPT users pay for Pro or Plus subscriptions, which typically cost $20 and $200 a month, respectively. OpenAI projected that about 8.5% of 2.6 billion ChatGPT’s weekly active users, or 220 million people, will pay for a Plus plan by 2030.

In 2025, OpenAI also introduced a lower-cost subscription plan, ChatGPT Go, in countries like India, where it costs roughly $5 per month. The company lists more than 150 countries that have ChatGPT Go available to them as well.

Outside of subscriptions, OpenAI has told investors it expects to grow the average revenue per nonpaying users from $2 in 2026 to $15 by the end of 2030.

OpenAI has told investors it will continue racking up huge costs to run its AI models, forecasting that its so-called inference costs will total nearly $150 billion through 2030. OpenAI is hoping to wring revenue from the free version of ChatGPT to help offset those costs.

At the same time, OpenAI will have to ensure its ChatGPT user base keeps growing in the first place amid tough competition. In December, Sam Altman issued a “code red” to focus the company on improving ChatGPT. OpenAI also launched new features such as incorporating more imagery in responses in December to increase ChatGPT’s appeal.