Anthropic's revenue run rate surpasses OpenAI's as company approaches IPO

Decision brief

What changed

According to unnamed sources cited by Bloomberg and repeated across several outlets, Anthropic's annualized revenue run rate reached $65 billion by mid-to-late 2025, surpassing OpenAI's $40 billion run rate, with Anthropic also reportedly posting an $11.6 billion revenue quarter and $559 million operating profit versus OpenAI's $6.7 billion quarterly revenue and $12.3 billion loss. Anthropic is also reportedly preparing for a fall IPO and in talks to acquire startup Decart for $6 billion.

Why it matters

If accurate, this signals that enterprise-focused, high-value-seat products (Claude Code, Cowork) may be outperforming consumer-scale, ad-subsidized AI strategies in near-term revenue and even profitability, which could reshape how leaders benchmark AI vendor selection and partnership risk. OpenAI's widening losses despite revenue growth raise questions about the durability of its cost structure and its ability to meet contractual commitments to partners like Nvidia and Oracle, which matters for any CFO or CTO relying on OpenAI infrastructure commitments.

Affected roles

CEO CFO CTO CMO

Evidence

The $65B vs $40B figures trace back to a single Bloomberg report citing unnamed sources, repeated without independent confirmation by Trending Topics EU, Fortune, and SiliconANGLE; SiliconANGLE adds specific quarterly figures ($11.6B revenue, $559M profit for Anthropic vs $6.7B revenue, $12.3B loss for OpenAI) but does not name its own sourcing beyond referencing the same reporting.

What remains uncertain

All figures originate from unnamed sources via one primary report, so run-rate and profit numbers are unverified by company disclosures; the coverage also contains an internal date inconsistency (Cowork described as launching 'early 2026' despite the $65B figure being dated to mid/late 2025, and conflicting references to $9B revenue at 'end of 2024' vs 'end of 2025'), suggesting some reporting detail may be inaccurate or garbled. The pending Decart acquisition and fall IPO timeline are also unconfirmed and could shift Anthropic's financial picture before any public filing.

Monitor next

Watch for Anthropic's actual S-1 filing or IPO prospectus, which would provide audited financials to confirm or contradict the reported $65 billion run rate and profitability claims.

Analytical support, not advice — assumptions and open questions stated above.

Source coverage