| OpenAI | Anthropic | |
|---|---|---|
| Q2 2026 revenue | ~$7B (+18% seq) | $11.5B |
| Annualized revenue | ~$25B (Feb) | ~$45B |
| Profitability | $12.3B quarterly op loss | EBITDA-positive |
| Trajectory into IPO | Losses widening | Crossed first |
Anthropic — built by OpenAI defectors — moved enterprise customers from flat-rate deals to per-token billing that reflects real usage, and flipped the metric that matters first.