Key Takeaways:
Anthropic's annualized revenue hit $450 billion in May, surpassing OpenAI by at least 35% and flipping the financial narrative ahead of a potential IPO.
Anthropic's annualized revenue reached about $450 billion as of May 26, exceeding OpenAI's roughly $330 billion by at least 35%, according to The Information.
"Anthropic's revenue grew about five times in the first five months of this year, while OpenAI's rose more than 50%," a person familiar with the matter said.
At the end of 2025, Anthropic's annualized revenue stood at $90 billion — less than half of OpenAI's at the time. The reversal stems partly from differing business models: Anthropic generates most of its revenue selling API access to enterprises for AI coding and white-collar automation, while OpenAI relies primarily on ChatGPT subscriptions.
The financial divergence carries direct implications for the IPO race between the two most valuable AI startups. If Anthropic files first, public market investors will compare the pair's financials directly — and Anthropic's faster growth and existing profitability would give it a clear valuation advantage.
Profitability gap widens between the two AI leaders
The revenue gap is only part of the story. Anthropic expects to post about $559 million in operating profit in the second quarter, representing a roughly 5 percent operating margin. OpenAI, by contrast, reported a first-quarter operating loss rate of 122 percent — even after excluding stock-based compensation and other major items — translating to an operating loss of at least $70 billion for the quarter.
OpenAI's cost structure is heavily weighted toward infrastructure. The company projects burning about $250 billion in cash for the full year, with AI server lease costs alone reaching $320 billion. It also owes Microsoft 20 percent of total revenue under a profit-sharing agreement that runs through 2030 — a payment that would total roughly $60 billion at current revenue levels.
Anthropic's profitability is not guaranteed to persist. The company may need to significantly expand server capacity to sustain its growth rate, which could push it back into losses. Its reported revenue also includes pass-through amounts from cloud partners, some of which is returned to those partners.
IPO calculus shifts as Anthropic gains financial momentum
OpenAI Chief Financial Officer Sarah Friar had previously expressed concerns about Chief Executive Officer Sam Altman's push for an early public listing, the report said. But the dynamic has shifted: with Anthropic now showing stronger financials, an OpenAI IPO — even if earlier than ideal — may be the more prudent option.
The logic is straightforward. If Anthropic lists first, investors will have a direct comparison point. A company growing faster and already profitable would command a premium valuation, potentially making it harder for OpenAI to achieve its desired market capitalization.
At its current growth trajectory, Anthropic could surpass the annual revenue of established technology companies such as Netflix, SAP and Salesforce within the next 12 months.
This article is for informational purposes only and does not constitute investment advice.
