In figures: OpenAI’s annualized revenue rate has increased by more than 70% since the start of the third quarter, reaching almost $70 billion.
- Its business-to-business revenue grew more than 100% during the same period.
- On the consumer side, OpenAI generated more revenue during the third quarter than in all of 2025.
The big picture: This growth comes as OpenAI and Anthropic prepare for IPOs, which would give investors a clearer look at both the revenue opportunities and the extraordinary expenses that are driving their growth.
- Anthropic’s revenue grew twelvefold to nearly $4.6 billion in 2025, according to an IPO prospectus seen by Reuters.
- But its growth has skyrocketed since then, reaching an annualized total of about $65 billion in July and continuing to grow, according to figures from the New York Times and elsewhere.
- Anthropic’s prospectus also shows it has $518 billion in future cloud, IT and infrastructure obligations, according to Reuters.
The plot: As part of that prospectus, Anthropic warned investors that its technology could pose an “existential risk” to humanity.
- This comes after Axios reported that top AI labs were investigating tens of thousands of incidents in which their technology took actions that reasonable researchers would call problematic.
Reality check: Axios could not immediately obtain details on OpenAI’s spending, which provides important context for their company’s growth.
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