Fortune reported that Anthropic has overtaken OpenAI on self-reported revenue metrics. Anthropic said in May it was on course to hit a $47 billion annualized run-rate, compared to OpenAI’s $25-33 billion range. Ramp data shows Anthropic overtook OpenAI in business subscriptions in May 2026. Similarweb data indicates ChatGPT monthly visits fell below a majority of the generative AI market for the first time in May.
The Revenue Shift
The competitive dynamics have shifted dramatically. Anthropic’s revenue growth has been driven largely by enterprise adoption of Claude for business applications, while OpenAI’s consumer-focused ChatGPT has seen declining engagement relative to the growing AI market.
This marks a significant milestone in the AI industry—Anthropic, the younger company founded in 2021, has pulled ahead of OpenAI on the metric that matters most to investors: revenue growth and market penetration.
IPO Implications
Both companies are filing for IPOs in 2026. Anthropic’s S-1 was filed June 1 at a $965 billion valuation. OpenAI filed a confidential S-1 on June 8 and is targeting an IPO valuation of $830 billion to $1 trillion.
The revenue shift could impact investor sentiment ahead of both IPOs. Anthropic’s stronger revenue position provides a different kind of narrative—one of enterprise reliability versus consumer scale.
What Changed
Anthropic’s focus on enterprise relationships, combined with Claude’s reputation for safety and compliance, has resonated with businesses. Meanwhile, OpenAI’s consumer-heavy model faces increased competition from Claude, Gemini, and other alternatives.
The shift also reflects broader market maturation—the AI market is growing large enough that enterprise sales can rival consumer subscriptions, and companies with strong enterprise positioning have an advantage as the market institutionalizes.