OpenAI "made a dollar but lost a dollar and two ounces," while Anthropic has started making money.

Author: Su Yang, Tencent Technology

In mid-May, two AI giants simultaneously revealed their hand—OpenAI secretly filed for an IPO, while Anthropic released its financial forecast for its first profitable quarter.

Data shows that OpenAI's revenue in the first quarter was $5.7 billion, but for every $1 earned, it lost $1.22.

Data shows that OpenAI's revenue in the first quarter was $5.7 billion, but for every $1 earned, it lost $1.22.

Anthropic's revenue in the same period was $4.8 billion, lagging behind by nearly $1 billion. However, its second-quarter forecast showed a surge in sequential growth, expected to reach $10.9 billion, with an operating profit of approximately $559 million. This difference gives the impression that one is a superstar with a valuation approaching $1 trillion, still asking the market for patience; the other is a former follower who has quietly reached the threshold of profitability. $5.7 billion vs. $4.8 billion. Sources familiar with the matter revealed to The Information that OpenAI generated approximately $5.7 billion in revenue in the first quarter of this year, a figure nearly $1 billion higher than its long-time rival Anthropic's $4.8 billion revenue in the same period. Looking at these two figures alone, OpenAI's lead seems quite significant. OpenAI's First Quarter Financial Results, Source: The Information The aforementioned source revealed that three main drivers contributed to OpenAI's growth in the first quarter: the explosive popularity of the Codex programming intelligence agent, increased enterprise sales, and ChatGPT test advertising. The explosive growth of Codex demonstrates the strong demand from developers for tools that allow for immediate work, which overlaps with Anthropic's customer base. However, the foray into advertising reveals OpenAI's anxiety about monetizing its massive pool of free users. OpenAI's average weekly active users in the first quarter were approximately 905 million, peaking at 920 million in February. When user numbers reach a very high baseline, growth begins to stagnate. Although it has 55 million paid subscribers, an increase from 47 million at the end of last year, this still represents a low conversion rate relative to its over 900 million weekly active users. Moreover, the corresponding inference costs represent a significant drain on OpenAI's revenue. On the other hand, Anthropic's first-quarter revenue was $4.8 billion, almost entirely from its core competency: selling AI models to enterprises and developers. It doesn't have a massive free consumer base like ChatGPT, which requires huge subsidies. This difference could be a key factor in its future overtaking of its old rivals. The Fastest Comeback in History According to financial data disclosed to investors by Anthropic and obtained by the Wall Street Journal, the company expects second-quarter revenue to reach $10.9 billion, more than double that of the first quarter. Moreover, its revenue growth rate has already surpassed that of Google and Facebook before their IPOs.

Anthropic's operating profit by business segment, Source: Anthropic

The Information points out that by April 2026, Anthropic's annualized revenue will exceed $30 billion, while OpenAI's annualized revenue is approximately $25 billion.

The Information points out that by April 2026, Anthropic's annualized revenue will exceed $30 billion, while OpenAI's annualized revenue will be approximately $25 billion.

The Information points out that by April 2026, Anthropic's annualized revenue will exceed $30 billion, while OpenAI's annualized revenue will be approximately $25 billion.