Anthropic's growth is driven primarily by enterprise API contracts with cloud providers including Google Cloud and AWS. The company now serves eight of the Fortune 10 and over 1,000 companies spending $1 million or more annually—double the count from February. OpenAI's revenue trajectory accelerated from $6 billion in 2024 to its current $24 billion run-rate, supported by 15 billion tokens processed per minute across its API. The timing of these back-to-back disclosures this week suggests both companies are preparing for public offerings, with industry observers projecting combined IPO proceeds of $60 billion to $75 billion alongside SpaceX.
Investors should scrutinize the composition of these revenue figures. Anthropic achieved its growth while spending four times less on model training than competitors, raising questions about whether reported revenues reflect paid partnerships rather than pure customer sales. The exclusion of training costs from profitability calculations further complicates assessment of actual unit economics. As both companies move toward IPO filings, the quality and sustainability of their revenue bases will face heightened regulatory and investor scrutiny.