Anthropic Surpasses OpenAI in Revenue, Reaches $47 Billion Annualized Run Rate

Anthropic reported a $47 billion annualized revenue run rate in May 2026, surpassing OpenAI and making it the highest-revenue AI startup in the world.

The figure represents a dramatic rise from the $9 billion annualized run rate the company reported at the end of 2025. By April 2026, Anthropic had already reached $30 billion, and the pace of growth has continued since then.

The company filed confidentially for an initial public offering on June 1, 2026. It has held discussions with Goldman Sachs, JPMorgan, and Morgan Stanley about a potential listing as early as October 2026.

Anthropic's growth has been driven primarily by enterprise and developer customers, who account for roughly 80 percent of its revenue. The company's Claude Code tool, which helps software developers write and review code, reached $2.5 billion in annualized revenue by February 2026.

OpenAI has disputed some of Anthropic's revenue figures, arguing that Anthropic counts revenue from cloud partners like AWS and Google Cloud on a gross basis, inflating the numbers. OpenAI says that under a net-reporting approach, Anthropic's revenue would be about $8 billion lower. Even accounting for that difference, analysts say Anthropic's growth rate is significantly faster than OpenAI's.

Anthropic's valuation reached $965 billion following a $65 billion Series H financing round in May 2026, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. That surpassed OpenAI, which was valued at $852 billion after its own $122 billion funding round in March 2026.

Both companies are preparing for public market debuts. OpenAI is also targeting a listing in 2026, with some reports suggesting it could file its prospectus as early as September.