Anthropic, which was founded in 2021, earned its first dollar in revenue about three years ago. It is now on the verge of a trillion dollar valuation. Just three months ago, in February, Anthropic raised $30 billion in a Series G at a $380 billion valuation, with revenue growing over 10x annually for each of the past three years to hit $14 billion at the time of its Series G. That growth has since accelerated: Anthropic’s run-rate revenue was $40 billion at the end of April, and the company has now received preemptive offers to raise a further $50 billion at a valuation of up to $900 billion.
OpenAI, Anthropic’s main competitor, seems headed in the opposite direction. The Wall Street Journal reported this week that OpenAI has missed its own projections for user growth and revenue, with CFO Sarah Friar warning colleagues that if revenue growth doesn’t accelerate, the company might not be able to pay future compute contracts. OpenAI’s market share has declined from 55% in 2024 to 42% in 2026, with Anthropic gaining ground in two critical segments: coding tools and enterprise.
The valuation gap between the two companies has also narrowed dramatically: OpenAI closed a $122 billion round in February at an $852 billion valuation (when Anthropic reached a $380 billion valuation), but if Anthropic proceeds at the terms currently on the table, it will match or surpass that figure in its final private round before a potential IPO. Three years ago Anthropic was a safety-focused spinout with no revenue. Now it’s one of the most valuable private companies on Earth, and gaining ground fast.
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