Anthropic revenue hits $16.29 billion before planned IPO

Anthropic reported $16.29 billion in revenue for the first half of 2026 in an initial public offering filing unveiled on Monday, The Economic Times reported.

The filing puts the Claude maker’s sales above its $4.59 billion revenue for 2025, while OpenAI reported $6.7 billion in second-quarter revenue, according to Reuters cited by The Economic Times.

Anthropic’s revenue rose from $386 million in 2024, according to the IPO filing. The increase reflects demand for Claude, including coding tools used by software developers to write, test and repair code, as well as business products for automation and AI applications.

OpenAI, the maker of ChatGPT, has broadened from consumer chatbots into enterprise software, developer tools and AI agents. Reuters reported in October that OpenAI’s annualised revenue run rate for September was close to $50 billion, below the nearly $70 billion figure it had previously indicated to investors.

The comparison has limits. The Economic Times said Anthropic records the full value of some sales through cloud marketplaces as revenue and books platform fees separately, while OpenAI excludes some similar cloud-partner sales from its revenue.

That accounting difference matters for investors trying to judge which AI company has the larger underlying business. Annualised revenue run rate also extends a recent period’s sales across a full year; it is not the same as revenue already earned over 12 months.

Anthropic remains lossmaking despite its growth. The company reported a $693 million operating loss in the first half of 2026, according to its filing, and an $80.7 billion net loss largely tied to a non-cash accounting charge linked to bonds that may convert into shares.

OpenAI also faces large funding needs. Reuters reported in September, citing the Financial Times, that OpenAI expected to use about $278 billion in cash between 2026 and 2030 as it spends on computing power and infrastructure.

The two sets of figures cover different measures and time frames, so they cannot be directly compared. They point to the same business problem: advanced AI models require large spending on chips, data centres, research and computing capacity before profits are assured.

Anthropic’s reliance on partners is another issue in its filing. Amazon and Google cloud marketplaces accounted for 47% of Anthropic’s customer sales in 2025, Reuters reported, giving the company access to large enterprise channels while increasing dependence on two powerful technology groups.

Atlas360 reported on Oct. 26 that Anthropic’s IPO prospectus also pointed to a $567 billion compute plan, reflecting the scale of infrastructure commitments AI companies are making as they compete for scarce chips, power and data-centre capacity.

Private-market valuation expectations remain high. Anthropic has been valued by some investors at about $1.5 trillion in recent discussions, below earlier expectations of about $2 trillion, while OpenAI has been linked to a potential valuation above $1.4 trillion in recent fundraising talks, according to Reuters cited by The Economic Times.

The Economic Times said those figures are reported private-market discussions, not final public-offering prices. Anthropic’s IPO would give investors more detailed public disclosures before any later OpenAI listing.

Source: news article, The Economic Times, Oct. 26, 2026