Anthropic has emerged as a strong challenger to OpenAI in the race to sell artificial intelligence to businesses, with its revenue rising sharply as demand for its Claude models grows. But investors weighing the two companies must look beyond sales growth to understand which business is better placed to deliver returns.
Anthropic, which unveiled its initial public offering filing on Monday, reported revenue of $16.29 billion in the first half of 2026. OpenAI, the maker of ChatGPT, reported quarterly revenue of $6.7 billion in the second quarter, according to Reuters.
The figures suggest Anthropic has built strong momentum in the enterprise market, where companies pay to use AI for software development, data analysis and other business tasks. But the comparison is not straightforward because the two companies account for some sales through cloud partners differently.
OpenAI has also been expanding rapidly and remains a major player in the consumer AI market. The competition between the two companies is therefore likely to depend on their ability to attract paying customers, control computing costs and turn revenue growth into cash.
Revenue growth favours Anthropic
Anthropic’s revenue rose to $4.59 billion in 2025 from $386 million in 2024, according to its IPO filing. Revenue for the first six months of 2026 reached $16.29 billion.
The company has benefited from growing demand for Claude, particularly its coding tools, which help software developers write, check and fix code. Its products are also used by businesses seeking to automate work and build AI-powered applications.
OpenAI, meanwhile, has expanded beyond ChatGPT into business software, developer tools and AI agents. Reuters reported in October that OpenAI’s annualised revenue run rate for September was close to $50 billion, lower than the nearly $70 billion figure it had previously indicated to investors.
An annualised revenue run rate estimates a full year’s revenue by extending a recent period’s sales. It is not the same as revenue actually earned over a year.
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It should be noted that Anthropic records the full value of certain sales made through cloud marketplaces as revenue and records the platform fees separately. OpenAI does not include some similar cloud-partner sales in its revenue figures.
This difference makes it difficult to determine which company has the larger underlying business from headline revenue alone.
The profitability question
Rapid revenue growth has not removed the financial risks facing either company.
Anthropic reported an operating loss of $693 million in the first half of 2026, according to its IPO filing. Its reported net loss was much larger, at $80.7 billion, largely because of a non-cash accounting charge linked to the increased estimated value of bonds that may eventually convert into company shares.
The operating loss provides a better indication of the gap between the company’s operating income and expenses during the period, although it does not by itself show how much cash the company generated or used.
OpenAI also faces heavy spending requirements. Reuters reported in September, citing a Financial Times report, that the company expected to use about $278 billion in cash between 2026 and 2030 as it invests in computing power and infrastructure.
The figures are not directly comparable because they cover different periods and measures. However, they underline the challenge facing both companies: advanced AI requires large investments in computing capacity, data centres, chips and research before the companies can generate sustainable returns.
Computing costs and Big Tech dependence
Anthropic depends heavily on Amazon and Google for computing infrastructure and access to business customers. Both companies are also investors in Anthropic and compete with it in AI.
Reuters reported that Amazon and Google’s cloud marketplaces accounted for 47% of Anthropic’s sales to customers in 2025. These relationships help Claude reach businesses already using their cloud services, but they also expose Anthropic to dependence on a small number of powerful partners.
OpenAI has its own infrastructure requirements and strategic partnerships, including its close relationship with Microsoft. It has also been committing substantial sums to secure computing capacity for future AI development.
The companies’ ability to manage these commitments will be important as competition increases. If AI usage grows more slowly than expected, large infrastructure obligations could weigh on cash flow. If demand continues to rise rapidly, access to computing power could become a competitive advantage.
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Valuation will determine investor returns
Both companies are seeking valuations that reflect expectations of enormous future growth.
Anthropic has been valued by some investors at around $1.5 trillion in recent discussions, below expectations of about $2 trillion reported earlier. OpenAI has also been linked to a potential valuation exceeding $1.4 trillion in recent fundraising talks, according to Reuters.
These are reported private-market valuations and fundraising discussions, not necessarily the final prices at which either company’s shares will be offered to public investor
A higher valuation does not automatically mean a company is better placed. Investors must assess how much future growth is already reflected in the price and whether the company can deliver the revenue and profits needed to justify it.
Anthropic’s upcoming IPO could provide a useful benchmark for valuing AI businesses. OpenAI’s eventual listing, expected later, could give investors another opportunity to compare the companies using more detailed financial disclosures.
Which business is better placed?
Anthropic currently has a strong case based on its rapid revenue growth and position in business AI, particularly coding. Its latest disclosures also give investors a clearer view of its operating performance and infrastructure commitments.
OpenAI has a broad consumer presence through ChatGPT, a growing enterprise business and significant financial and technology partnerships. Its scale gives it opportunities to sell AI products across a wide range of users and applications.