Anthropic Tops OpenAI at $30B ARR; Both Eye IPO

A major shift in the artificial intelligence industry has emerged: Anthropic has overtaken OpenAI in annualized revenue, reaching $30 billion ARR compared to OpenAI's $25 billion. The milestone marks a dramatic reshuffling of the AI power hierarchy that few predicted even a year ago.

Anthropic's efficiency advantage

Perhaps the most striking aspect of Anthropic's rise is its cost discipline. The company spends roughly four times less on model training than OpenAI, yet generates significantly higher revenue. This efficiency stems from the engineering philosophy behind its Claude model family. Enterprise customers form the backbone of the business -- over 1,000 clients spending more than $1 million per year account for 80% of total revenue, underscoring the strength of Anthropic's B2B strategy.

The IPO race heats up

Both AI giants are now preparing for what could be the largest technology IPOs in history. Anthropic is evaluating a public offering as early as October 2026, targeting a valuation of approximately $380 billion. OpenAI, meanwhile, plans its IPO for Q4 2026 with an even more ambitious target of roughly $1 trillion. If successful, OpenAI's offering would rank among the largest ever across any sector.

A banner year for tech IPOs

SpaceX is also planning an investor roadshow in June, potentially making 2026 the most active year for major technology IPOs in over two decades. For investors, the simultaneous public debuts of the two leading AI companies present both extraordinary opportunity and a complex decision about which vision of artificial intelligence will ultimately prevail.