OpenAI’s revenue growth slowed sharply between the first and second quarters of 2026, with sales rising 18% to about $6.7 billion from $5.7 billion, according to people familiar with the company’s financial performance. The slowdown has disappointed some investors because rival Anthropic more than doubled its quarterly revenue to approximately $11.6 billion, putting its sales ahead of OpenAI for the first time.
The contrasting performances come at a critical moment for both AI companies. OpenAI is dealing with deeper operating losses and pressure to demonstrate that its enormous infrastructure spending can translate into sustainable growth, while Anthropic is preparing for a potential IPO after its annualised revenue run rate surpassed $65 billion in July. Anthropic also reportedly achieved a small operating profit in the second quarter, further strengthening the contrast between the two rivals.
OpenAI Revenue Rises 18% In Q2
The divergence matters because Anthropic’s growth is concentrated in developer tools — see our coverage of Anthropic extending Claude Code’s higher usage limits and of OpenAI reshaping the sources behind its answers.
OpenAI generated approximately $6.7 billion in revenue during the second quarter of 2026, up from $5.7 billion in the first quarter.
That represents an increase of roughly $1 billion in quarterly revenue. However, the sequential growth rate of 18% was substantially slower than the pace investors had expected from one of the world’s most closely watched AI companies.
OpenAI Quarterly Revenue
| Metric | Q1 2026 | Q2 2026 | Change |
|---|---|---|---|
| Revenue | $5.7B | $6.7B | +$1.0B |
| Sequential growth | — | 18% | — |
| Operating loss | $9.3B | $12.3B | +$3.0B |
| Operating margin | Negative | More negative | Deteriorated |
OpenAI’s revenue increase therefore came alongside a significant deterioration in operating losses. Its operating loss expanded from $9.3 billion in Q1 to $12.3 billion in Q2, according to the latest report.
Anthropic Revenue Jumps More Than 100%
Anthropic’s performance was dramatically different.
The Claude maker generated approximately $11.6 billion in second-quarter revenue, more than double its Q1 level and significantly above OpenAI’s $6.7 billion. Earlier investor disclosures had indicated that Anthropic expected Q2 revenue of around $10.9 billion, up 130% from $4.8 billion in Q1. Later reporting put actual or preliminary Q2 revenue at approximately $11.6 billion.
OpenAI Vs Anthropic: Q2 2026
| Metric | OpenAI | Anthropic |
|---|---|---|
| Q1 revenue | $5.7B | $4.8B |
| Q2 revenue | $6.7B | ~$11.6B |
| Q/Q growth | 18% | >100% |
| Q2 operating result | -$12.3B | Small operating profit |
| Q2 revenue lead | — | ~$4.9B |
Anthropic’s Q2 revenue was roughly 73% higher than OpenAI’s based on the reported figures.
The shift is particularly notable because OpenAI started the year ahead of Anthropic in quarterly revenue. Anthropic’s acceleration has therefore not simply been a matter of maintaining a lead; it has involved rapidly closing the gap and moving ahead.
Revenue Growth Comparison
The Anthropic percentage in the chart is calculated from reported Q1 revenue of $4.8 billion and Q2 revenue of approximately $11.6 billion, producing growth of about 142%. Earlier investor guidance had described the expected increase as 130% to $10.9 billion.
Anthropic Has Overtaken OpenAI In Quarterly Revenue
The second-quarter figures mark an important change in the competitive relationship between the two companies.
OpenAI’s Q1 revenue of $5.7 billion was approximately $900 million higher than Anthropic’s $4.8 billion. By Q2, however, Anthropic had moved to approximately $11.6 billion, compared with OpenAI’s $6.7 billion.
That represents a quarterly swing of about $5.8 billion in Anthropic’s favour compared with the companies’ Q1 positions.
| Quarter | OpenAI | Anthropic | Leader |
|---|---|---|---|
| Q1 2026 | $5.7B | $4.8B | OpenAI |
| Q2 2026 | $6.7B | ~$11.6B | Anthropic |
This does not necessarily mean Anthropic has permanently established a larger business. Quarterly revenue can be affected by product launches, enterprise contracts, usage patterns and timing. However, the magnitude of the change is significant.
Claude Code Is Driving Anthropic’s Acceleration
One of the most important factors behind Anthropic’s growth is the popularity of Claude Code, its AI coding product.
Claude Code allows developers to use Claude as an agent capable of working through software-development tasks rather than simply answering coding questions. Its adoption has helped Anthropic expand beyond conventional chatbot usage into enterprise and developer workflows.
The company’s rapid revenue growth has therefore coincided with growing demand for AI agents that can perform more complex work.
Anthropic’s Revenue Run Rate
Anthropic’s annualised revenue run rate has risen dramatically during 2026.
| Period | Reported Annualised Revenue Run Rate |
|---|---|
| End-2025 | ~$9B |
| May 2026 | ~$47B |
| End-July 2026 | >$65B |
The move from roughly $9 billion at the end of 2025 to more than $65 billion by July represents an increase of more than seven times in less than a year.
Reuters reported that the July run rate had climbed above $65 billion, up from $47 billion in May, as Anthropic prepared for a potential public offering.
Anthropic Is Preparing For A Potential IPO
Anthropic’s financial momentum comes as the company prepares for a potential IPO.
The company confidentially filed for an IPO in June, according to recent reporting, and bankers are working toward what could become one of the largest technology offerings. Anthropic has also reportedly arranged or is negotiating a revolving credit facility that could exceed $10 billion ahead of the offering.
Reuters reported that Anthropic is projecting $190 billion to $200 billion in revenue for 2028, highlighting the aggressive growth expectations underpinning its potential IPO valuation.
Anthropic IPO Numbers
| Indicator | Reported Figure |
|---|---|
| July annualised revenue run rate | >$65B |
| May run rate | ~$47B |
| End-2025 run rate | ~$9B |
| Potential credit facility | >$10B |
| 2028 projected revenue | $190B–$200B |
| IPO status | Confidential filing reported |
The IPO would give public-market investors their first major opportunity to assess Anthropic’s economics directly, although the company has not publicly disclosed a full registration statement.
OpenAI Is Also Facing IPO Pressure
OpenAI is not immune to the same public-market scrutiny.
The company has been preparing for a potential IPO, while its financial performance is increasingly being evaluated against rapidly growing rivals. Recent reporting indicates OpenAI has postponed its IPO ambitions to 2027, even as it continues restructuring and expanding its business.
That makes the latest quarterly performance particularly important. A company approaching public markets is generally expected to demonstrate not only rapid revenue growth but also a credible path toward improving margins.
OpenAI’s $12.3 billion operating loss in Q2 complicates that narrative.
OpenAI’s Losses Are Growing Faster Than Revenue
The gap between revenue growth and operating losses is one of the biggest concerns raised by the latest figures.
OpenAI’s revenue increased by approximately $1 billion between Q1 and Q2, while its operating loss expanded by approximately $3 billion.
OpenAI Q1 Vs Q2
OPENAI FINANCIAL PERFORMANCE
Revenue
Q1 $5.7B ███████████
Q2 $6.7B █████████████
Operating Loss
Q1 $9.3B ██████████████████
Q2 $12.3B ████████████████████████
Revenue Growth: +18%
Operating Loss Growth: ~+32%
Based on the reported figures, the operating loss increased by about 32% sequentially, considerably faster than revenue.
This does not by itself determine OpenAI’s long-term profitability. AI companies are spending heavily on computing infrastructure, model development and talent, and those investments can be made ahead of expected future revenue.
However, the figures explain why investors are increasingly focused on the relationship between AI revenue growth and infrastructure costs.
The AI Business Is Becoming More Capital Intensive
Training and operating frontier AI models require enormous amounts of computing capacity.
OpenAI has invested heavily in data centres and infrastructure partnerships, while Anthropic is also spending aggressively on compute. The companies therefore need revenue to grow rapidly enough to justify the costs associated with increasingly capable AI models.
This creates a difficult economic equation:
More AI Users
↓
More Model Usage
↓
Higher Revenue
↓
But Also Higher Compute Demand
↓
Higher Infrastructure Costs
↓
Need For Better Margins
For investors, the critical question is therefore shifting from simply who has the best AI model? to who can convert AI demand into profitable revenue most efficiently?
Anthropic’s Growth Is Also Starting To Slow
Anthropic’s acceleration should not be interpreted as unlimited growth.
Reuters reported on August 18 that Anthropic’s annualised revenue run rate had grown to more than $65 billion by July, but monthly growth had moderated after the extraordinary increases recorded earlier in the year. The company was reported to have grown its run rate 58% in April and another 57% in May before growth slowed to about 38% by the end of July.
This suggests that Anthropic is also moving through the normal process of deceleration as its revenue base becomes larger.
Even with that moderation, a $65 billion-plus annualised run rate places the company among the world’s largest AI businesses.
Why The OpenAI-Anthropic Gap Matters
The contrasting numbers could influence how investors value the two companies.
OpenAI has a much larger consumer footprint through ChatGPT, while Anthropic has gained substantial traction in enterprise software development and coding through Claude and Claude Code.
Their business models are therefore not identical.
| Factor | OpenAI | Anthropic |
|---|---|---|
| Flagship consumer product | ChatGPT | Claude |
| Coding focus | Codex and related products | Claude Code |
| Q2 2026 revenue | $6.7B | ~$11.6B |
| Q/Q growth | 18% | >100% |
| Q2 operating result | Large loss | Small profit |
| IPO trajectory | Potentially 2027 | Potentially 2026 |
The comparison should therefore be viewed as a snapshot rather than a definitive ranking of the two companies.
What Investors Are Watching Now
Several indicators are likely to become increasingly important as both companies move toward public-market scrutiny.
Key Metrics
| Metric | Why It Matters |
|---|---|
| Revenue growth | Shows demand and commercial expansion |
| Annualised revenue | Indicates current business scale |
| Operating margin | Measures progress toward profitability |
| Compute costs | Determines how expensive AI revenue is to generate |
| Enterprise revenue | Shows commercial adoption |
| Coding-agent usage | Important growth driver for Anthropic |
| Consumer engagement | Important to OpenAI’s ChatGPT ecosystem |
| IPO valuation | Determines investor expectations |
The biggest challenge will be maintaining growth as the companies become larger. A 100% growth rate is much harder to sustain on a $10 billion quarterly base than on a $1 billion base.
The Bigger Picture
The latest figures mark a notable shift in the AI industry’s competitive landscape. OpenAI remains one of the world’s largest AI companies, but its 18% sequential revenue growth in Q2 was dwarfed by Anthropic’s more than doubling of quarterly sales. Anthropic’s revenue also moved ahead of OpenAI’s during the quarter, while its operating performance reportedly improved enough to produce a small profit.
The numbers also show that AI competition is increasingly about monetisation rather than model launches alone. Enterprise adoption, coding agents, infrastructure efficiency and pricing are becoming critical factors in determining which AI companies can turn enormous demand into sustainable businesses.
Looking Ahead
OpenAI’s next challenge will be demonstrating that its enormous investment in AI infrastructure can translate into faster revenue growth and eventually better operating economics. The 18% Q2 increase is still substantial in absolute terms, but the slowdown becomes more significant when measured against the extraordinary pace of Anthropic’s expansion and the expectations surrounding OpenAI’s eventual public-market debut.
Anthropic, meanwhile, enters the next phase with considerable momentum but also very high expectations. Its reported $65 billion-plus annualised revenue run rate, potential IPO and aggressive future revenue forecasts could support a major valuation, but investors will ultimately want to see whether its rapid growth can remain durable as the revenue base expands and AI infrastructure costs remain substantial.
Frequently Asked Questions
How much revenue did OpenAI make in Q2 2026?
OpenAI’s sales rose about 18% to roughly $6.7 billion in the second quarter of 2026, up from $5.7 billion in the first quarter.
Has Anthropic overtaken OpenAI on revenue?
On quarterly revenue, yes. Anthropic more than doubled its sales to about $11.6 billion in the quarter, putting it ahead of OpenAI’s $6.7 billion.
Why did OpenAI’s growth slow?
The 18% quarter-on-quarter increase was slower than investors expected, and it came as OpenAI’s losses grew faster than its revenue.
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