On November 10, 2022, the alpha iteration of version 4 was released to users. Version 2 of their algorithm was launched in April 2022 and version 3 in July. The company has been working on improving its algorithms, releasing new versions every few months. However, on March 14, 2022, the discord server launched with a request to post high-quality photographs to Twitter/Reddit for system's training.

It first entered open beta on July 12, 2022. Midjourney was founded by David Holz, co-founder of Leap Motion. Users create artwork with Midjourney using Discord bot commands. Holz told The Register in August 2022 that the company was already profitable. The Midjourney team is led by David Holz, who co-founded Leap Motion. The tool is currently in open beta, which it entered on July 12, 2022. It is speculated that the underlying technology is based on Stable Diffusion. Midjourney is an independent research lab that produces an artificial intelligence program under the same name that creates images from textual descriptions, similar to OpenAI's DALL-E and Stable Diffusion.

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