ChatGPT hits 1B users, but Anthropic now leads in revenue and valuation

Less than two years after trailing OpenAI by nearly every measure, Anthropic has overtaken the ChatGPT maker in both corporate valuation and revenue, marking a dramatic reversal in the generative AI industry's power structure.

Anthropic closed a $65 billion Series H funding round in late May at a $965 billion post-money valuation, surpassing OpenAI's $852 billion valuation from its March funding round. The Wall Street Journal News Corp ↘ 3.58% reported that Anthropic is projected to reach $50 billion in annualized revenue, an "impressive 80-fold increase in the first quarter". OpenAI, meanwhile, sits at roughly $25 billion in annualized revenue as of mid-2026.anthropic+4

The gap has only widened since. A LinkedIn post from investment tracker TickerTrends in late July estimated Anthropic's annualized revenue had climbed to approximately $74 billion, nearly double OpenAI's figure. The Chosun Ilbo, citing AI investment platform Funda, reported Anthropic's ARR at $71 billion against OpenAI's $49.2 billion.chosun+1

Claude Code Drove the Reversal

The shift is largely attributable to Anthropic's dominance in AI coding and enterprise markets. According to Menlo Ventures, Anthropic's Claude Code holds a 54% share of the AI coding market, far ahead of OpenAI's 21%. Anthropic also leads the enterprise AI market with a 40% share, up from 12% in 2023, while OpenAI's share fell from 50% to 27% over the same period.linkedin

"Anthropic's revenue is mostly machines doing work. OpenAI's is mostly humans paying for chat," one industry analysis noted, highlighting that roughly 80% of Anthropic's revenue comes from business customers.linkedin

OpenAI Fights Back Ahead of Dueling IPOs

OpenAI is not standing still. The company announced on July 31 that ChatGPT had surpassed 1 billion active users, a milestone reached faster than TikTok. CFO Sarah Friar told employees that July's ARR topped the company's entire second quarter, though no absolute figure was disclosed.cnbc+1

Both companies are racing toward public offerings. OpenAI filed a confidential S-1 with the SEC, targeting a late-2026 debut. Anthropic is fast-tracking its own IPO for this fall, initiating discussions with prospective investors while highlighting its lead over OpenAI.wsj+2

A year ago, OpenAI held roughly five times Anthropic's valuation — $300 billion to $61.5 billion. The reversal now sets the stage for what industry observers describe as a "second round" of competition, where the ability to generate stable enterprise revenue will determine which company emerges as the dominant force in AI.chosun