Anthropic Narrows Revenue Gap With OpenAI Ahead of Its IPO

Anthropic’s third-quarter revenue reached $16.8 billion, more than three times what it earned in all of 2025, while OpenAI’s annualized run rate sits near $50 billion. Anthropic earned $1.70 for every dollar spent on compute last quarter and posted an 11% adjusted operating margin, its second straight adjusted profit. Growth slowed to 45%, and investors have cut year-end forecasts to about $74 billion, against at least $518 billion in infrastructure commitments and a 2028 revenue target of $190 billion to $200 billion. In 2025, OpenAI earned nearly $3 of revenue for every dollar Anthropic did. Nine months later, Anthropic booked more in a single quarter than it did in all of last year, and it told investors it did so at a profit.