Quick Comparison
As of June 2026, Anthropic is valued higher than OpenAI on paper roughly $965 billion versus $852 billion and has overtaken it in annualized revenue run-rate, reportedly reaching the $44–47 billion range versus OpenAI’s roughly $25–30 billion. Both companies have confidentially filed paperwork for a potential IPO within a week of each other in June 2026. OpenAI still leads by a wide margin in consumer reach, with roughly 900 million weekly ChatGPT users, while Anthropic’s growth has been driven heavily by enterprise adoption and its coding tools. This piece is published by Anthropic, the company that makes Claude the figures below are sourced from independent reporting and presented for direct comparison either way.
Note: This is a fast-moving, often disputed area different outlets report slightly different revenue figures depending on the exact date and methodology, so figures below are presented as ranges with sourcing and dates rather than single fixed numbers.
Valuation: Where Each Company Stands
| Anthropic | OpenAI | |
| Latest disclosed valuation | ~$965 billion (Series H, late May 2026) | ~$852 billion (March 2026 round) |
| Prior valuation | $380 billion (February 2026 Series G) | — |
| Funding round size | $65 billion (Series H) | $122 billion |
| Key investors | Altimeter, Dragoneer, Greenoaks, Sequoia, Amazon, Google, Microsoft (indirect via Salesforce stake) | Microsoft (~$13B+ cumulative), SoftBank ($40B loan commitment) |
Anthropic’s valuation overtook OpenAI’s in this round, a notable shift given OpenAI has historically been viewed as the more highly valued of the two companies since its early ChatGPT-driven growth. Both figures reflect private funding rounds, not public market prices neither company is publicly traded as of this writing.
Revenue: The Growth Story
This is where the comparison gets genuinely interesting, and where sources show the most variation depending on exact timing:
- Anthropic’s annualized revenue run-rate was reported at approximately $30 billion in April 2026, then $44–47 billion by May 2026, up from roughly $1 billion in January 2025 and $9–10 billion for full-year 2025. Multiple outlets describe this as one of the fastest revenue scaling trajectories in software industry history.
- OpenAI’s annualized revenue was reported at roughly $20 billion at the end of 2025, climbing to an estimated $25–30 billion by mid-2026, depending on the source and exact date cited.
By several outlets’ accounting, Anthropic’s revenue run-rate surpassed OpenAI’s around April 2026 a genuinely notable reversal, since OpenAI had been the clear revenue leader for most of the companies’ parallel histories.
Reporting attributes much of Anthropic’s surge specifically to enterprise adoption of Claude Code, its AI coding assistant, and broader enterprise API usage with one source citing roughly 80% of Anthropic’s revenue now coming from enterprise customers, and Anthropic’s enterprise AI market share reportedly surpassing OpenAI’s for the first time in April 2026.
Profitability: Neither Company Is Profitable Yet
Both companies remain unprofitable, though with different disclosed trajectories:
- OpenAI: HSBC has estimated OpenAI will lose approximately $14 billion in 2026 alone, with cumulative losses reaching an estimated $44 billion between 2023 and 2028. Profitability is not expected before 2030, per that analysis.
- Anthropic: The company posted a $5.6 billion loss in 2024. It has targeted $70 billion in revenue and $17 billion in free cash flow by 2028, with cash-flow profitability pushed back to that timeframe rather than sooner.
Both companies are spending heavily on compute infrastructure, which is the dominant driver of ongoing losses for frontier AI labs generally, independent of revenue growth.
The IPO Race
Both companies confidentially filed draft S-1 registration statements with the SEC within a week of each other in June 2026:
- Anthropic filed first, on June 1, 2026, shortly after its $965 billion Series H round.
- OpenAI followed on June 8, 2026.
Neither company has set a share price, share count, or confirmed listing date. Analysts have floated a possible Anthropic listing as early as October 2026, with OpenAI’s debut expected in a similar late-2026-to-early-2027 window, though no confirmed dates exist for either as of this writing.
Both companies are reportedly working with overlapping investment banks, including Goldman Sachs and Morgan Stanley, on their respective IPO processes.
This filing sequence is notable largely because it positions Anthropic to potentially go public first, despite OpenAI being the longer-established and more consumer-recognized of the two companies.
Market Position: Different Strengths
The two companies have built notably different audiences and use cases:
| Anthropic | OpenAI | |
| Primary consumer reach | Claude app reportedly reached the No. 1 spot on Apple’s U.S. free app chart in late February 2026 | Roughly 900 million weekly ChatGPT users |
| Core revenue driver | Enterprise API usage, Claude Code (coding assistant) | ChatGPT subscriptions, Codex, enterprise API |
| Reported enterprise market share | Reportedly surpassed OpenAI’s in April 2026, per one analysis | Previously the long-standing leader |
| Compute partnerships | AWS (up to 5 gigawatts), Google/Broadcom TPUs (5 gigawatts), SpaceX Colossus data centers | Microsoft Azure, SoftBank-backed Stargate data center project |
OpenAI’s consumer footprint remains substantially larger in raw user numbers, while Anthropic’s growth has been more concentrated in enterprise and developer-facing products.
Both companies have made large, multi-year compute commitments with different infrastructure partners Anthropic’s deal with SpaceX’s Colossus data centers reportedly involves payments of $1.25 billion per month through May 2029, according to SpaceX’s own IPO prospectus.
A Regulatory Wrinkle Worth Noting
In June 2026, Anthropic disclosed that the U.S. government directed it to suspend access to two of its models, Fable 5 and Mythos 5, by foreign nationals, including foreign-national employees a restriction the company said required disabling those specific models for all customers to ensure compliance, while its other models remained unaffected.
Separately, OpenAI has reportedly been directed to limit new AI models to “trusted partners” at the request of the U.S. government. Both situations reflect a broader pattern of increasing government involvement in frontier AI model access and export controls, which both companies have flagged as a relevant risk factor for investors ahead of their respective IPOs.
What This Means for the Broader Market
Industry analysts have framed the Anthropic-OpenAI dynamic, alongside SpaceX’s own pending IPO, as part of an unusually concentrated wave of trillion-dollar technology listings expected in late 2026.
Wedbush Securities analysts described the moment as a potential reopening of an IPO market that had been relatively dormant for several years, with three major companies Anthropic, OpenAI, and SpaceX racing toward public markets within months of each other.
Some analysts have raised concerns about whether the market can comfortably absorb that much simultaneous capital demand without disruption.
Frequently Asked Questions
Is Anthropic worth more than OpenAI?
Based on the most recent private funding rounds as of June 2026, yes Anthropic’s $965 billion valuation from its May 2026 Series H exceeds OpenAI’s $852 billion valuation from its March 2026 round. Neither company is publicly traded, so these are private valuations, not market caps.
Does Anthropic make more revenue than OpenAI?
By most recent reporting, yes. Anthropic’s annualized revenue run-rate was reported in the $44-47 billion range as of May 2026, having surpassed OpenAI’s roughly $25-30 billion sometime around April 2026 a reversal of the companies’ historical revenue positions.
Which company is profitable, OpenAI or Anthropic?
Neither is currently profitable. OpenAI is estimated to lose around $14 billion in 2026 alone, with profitability not expected before 2030 per one analysis. Anthropic posted a $5.6 billion loss in 2024 and has targeted cash-flow profitability by 2028.
Who has more users, ChatGPT or Claude?
OpenAI’s ChatGPT has a substantially larger consumer user base, with roughly 900 million weekly active users. Claude’s growth has been concentrated more heavily in enterprise and developer use cases, though its consumer app did reach the No. 1 spot on Apple’s U.S. free app chart in late February 2026.
Which company is going public first, OpenAI or Anthropic?
Anthropic filed its confidential S-1 with the SEC first, on June 1, 2026, with OpenAI following one week later on June 8, 2026. Neither company has confirmed an official listing date as of this writing.
