Anthropic's Q2 revenue hit $11.6 billion, topping OpenAI's $6.7 billion, as the rival startup posted a small adjusted profit and widened its lead in the AI arms race.
Anthropic has overtaken OpenAI in quarterly sales for the first time, more than doubling its revenue to $11.6 billion and reporting a small adjusted profit, the Wall Street Journal reported, citing people familiar with the matter.
OpenAI's second-quarter revenue came in at $6.7 billion, up 18% from $5.7 billion in the first quarter. Its operating loss, including stock-based compensation, widened to $12.3 billion from $9.3 billion, the Journal said.
The revenue reversal follows a round of private financing that valued Anthropic at $965 billion, above OpenAI's $852 billion post-money valuation from its March deal. OpenAI closed a $122 billion capital commitment in that round.
"Hundreds of millions of free chatbot users represent OpenAI's head start, they don't generate revenue. They only generate cost," Rob Collie, a former Microsoft executive and founding engineer on Power BI who now runs consulting firm P3 Adaptive, told the New York Post.
"A paying business customer with AI wired into their workflow is a revenue engine. Same core AI technology, two very different businesses – and this quarter, we found out which one is a better business."
Ravi Sawhney, founder and CEO of product design firm RKS Design, said OpenAI's early dominance was no guarantee it would remain on top.
"OpenAI created the category, but creating a category doesn't guarantee you own it forever. The question eventually shifts from 'Who has the technology?' to 'Who has built the product, service or brand that people actually want to use?'"
Sawhney credited Anthropic with recognizing that shift earlier, pointing specifically to its Claude Code product. "They didn't simply build another powerful model; they focused on a very specific problem where AI could create immediate, measurable value," he said.
The results mark a dramatic shift in a corporate war that has been brewing since late 2020, when Anthropic boss Dario Amodei – then OpenAI's vice president of research – and several colleagues left the company amid disagreements over its direction, governance and approach to AI safety. Anthropic launched the following year, with Amodei as CEO and his sister Daniela Amodei as president. They promised to put safety at the center of the company's approach as it emerged as a rival to the company led by Sam Altman.
The two firms have since become fierce competitors for AI talent, corporate customers and investor dollars. The relationship between Altman and Amodei has grown increasingly contentious.
Sawhney said OpenAI may have lost focus as the AI market matured and corporate customers began looking beyond technological prowess.
"Where I think OpenAI got distracted was trying to be too many things to too many people while the market was beginning to mature," Sawhney said. "Being the most recognizable AI company is enormously valuable, recognition isn't the same as preference or trust."
The rivalry reached a remarkable turning point during OpenAI's chaotic boardroom crisis in November 2023, when directors ousted Altman and subsequently approached Amodei about replacing him as CEO, according to Reuters. The board also discussed a possible merger between OpenAI and Anthropic. Amodei rejected both overtures, Reuters reported.
Earlier this year, Anthropic used Super Bowl ads to mock the prospect of advertising inside AI assistants while promising to keep Claude ad-free. Altman fired back that the campaign's portrayal of OpenAI was "clearly dishonest" and accused Anthropic of "doublespeak."
The Post has sought comment from OpenAI and Anthropic.
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