Furious uproar! Anthropic’s annualized figure hits 45 billion, crushing OpenAI by 5x—then the AI duopoly’s IPO showdown turns on its head. Who lists first… and who goes under first?

Half a year ago, Anthropic was still lagging behind—but now it has left OpenAI in the dust.

On May 26, according to The Information, Anthropic’s annualized revenue is nearing $45 billion, while OpenAI has just surpassed $30 billion, which is currently estimated at about $33 billion. This means Anthropic’s revenue scale is at least 35% higher than OpenAI’s. This figure was almost unimaginable half a year ago—by the end of 2025, Anthropic’s annualized revenue is only expected to be $9 billion, less than half of OpenAI’s.

In just five months, Anthropic’s revenue has multiplied fivefold. In the first five months of this year, Anthropic’s revenue grew by about 5x, while OpenAI’s revenue grew by more than 50% in the same period—impressive by any industry standard, but it looks fairly underwhelming in comparison. An insider told The Information that although OpenAI’s annualized revenue has already surpassed $30 billion, “there isn’t that much more at the moment.”

The business models are different: OpenAI’s revenue mainly comes from ChatGPT subscriptions, while Anthropic primarily sells API access for AI programming and other white-collar work scenarios to enterprises. But the two directly compete in their respective markets, and public-market investors will inevitably compare them side by side.

The gap in profitability is even bigger. Anthropic expects to generate about $559 million in operating profit in the second quarter, with an operating profit margin of about 5%. OpenAI, by contrast, is completely the opposite: its operating loss rate in the first quarter was as high as 122%—and those are the numbers even after excluding major items such as equity incentives. Converted, the operating loss in that quarter was at least $7 billion. Earlier this year, OpenAI predicted that it would burn about $25 billion in cash over the full year, with AI server leasing costs alone reaching $32 billion. In addition, OpenAI also needs to share 20% of total revenue with Microsoft under an agreement that runs through 2030—if this year’s revenue reaches the previously forecasted $30 billion, that payout could be as high as about $6 billion. Anthropic also needs to share revenue with its cloud partners, but its revenue reporting scope includes the full amounts sold through other cloud service providers; some of this revenue ultimately gets returned to the partners.

Anthropic’s current profitability status is not without risk. With revenue growing rapidly, Anthropic will need to significantly expand server resources, and it could fall back into losses again.

This reversal in revenue and profitability directly affects the listing timetable of the two companies. The report noted that OpenAI’s Chief Financial Officer, Sarah Friar, previously expressed concerns to CEO Sam Altman about his eagerness to push for an IPO. Now the situation is different—facing a financially stronger Anthropic, OpenAI rushing to go public instead becomes a “more financially prudent choice.” The logic is simple: if Anthropic files for an IPO first and successfully lists, public-market investors will directly take the two companies’ financial data to compare. At that time, with faster revenue growth and already realized profitability, Anthropic will hold a clear advantage in valuation narratives. At the current growth rate, Anthropic is expected to exceed the revenue scale of mature tech companies such as Netflix, SAP, and Salesforce within the next year.

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