Anthropic said it will exceed $65 billion in annualised revenue, a figure that tops OpenAI’s roughly exceed $40 billion run rate.
The difference is partly accounting: Anthropic records the full value of partner sales and treats cloud providers’ cuts as expenses, while OpenAI records only its share on certain partner transactions.
The delta has a lot to do with who is the principal and who is the agent in the transaction, experts said.
An Axios report notes reclassifying Anthropic’s sales to a net basis would produce only about a 6%–10% hit to headline revenue, leaving a multi‑billion‑dollar lead even after the adjustment.
Industry reporting and investor materials show the revenue race flipped sharply in 2026 as enterprise and API demand accelerated Anthropic’s monetization even while OpenAI retained a larger consumer footprint.
Anthropic’s upcoming IPO filing and the SEC correspondence it will reveal are the next milestones investors will use to judge whether the bigger headline number reflects accounting choice or faster underlying growth.
