OpenAI vs Anthropic: Whose Revenue Is Growing Faster Right Now

TLDR

• OpenAI’s annualized revenue run rate has climbed to near $70 billion, up more than 70% since the third quarter began.
• The report landed the same day as OpenAI’s DevDay conference in San Francisco.
• Oracle shares rose between 5% and 7% after the report, with Microsoft also tied closely to OpenAI’s growth.
• Rival Anthropic’s revenue run rate crossed $65 billion in July, with 2025 booked revenue up twelvefold to $4.6 billion.
• Both companies are seen moving toward public listings, which could set valuation benchmarks for the AI industry.

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OpenAI’s annualized revenue run rate has jumped to near $70 billion. That is according to financial data reported by Axios and cited by multiple outlets on Tuesday.

OPENAI ARR NEARS $70B AS ENTERPRISE SALES MORE THAN DOUBLE – AXIOS

OpenAI’s annualized revenue run rate is approaching $70 billion, up more than 70% since the start of Q3, according to Axios.

The biggest acceleration is coming from enterprise.

Its B2B revenue has grown more… pic.twitter.com/XGkjqAXJd0

— Wall St Engine (@wallstengine) September 29, 2026

The figure marks a jump of more than 70% since the third quarter began. It arrived the same day OpenAI held its annual DevDay conference in San Francisco.

The event showcases new tools for developers building on the company’s technology.

Where the Growth Is Coming From

OpenAI’s growth is spread across several parts of its business. Business to business revenue has more than doubled since July.

Consumer revenue added in the third quarter alone has already topped all of the company’s consumer revenue from 2025. Subscriptions, enterprise deals, the Codex coding tool, and a new advertising business are all contributing.

The $70 billion figure is based on the company’s most recent monthly pace. That is a sharp rise from the $40 billion run rate reported last month by Bloomberg and Forbes.

Axios said it lacked full visibility into OpenAI’s expenses. That means the company’s actual profit picture is still unclear.

OpenAI did not immediately respond to a request for comment from Seeking Alpha.

How Big Tech Stocks Are Reacting

Oracle shares rose between 5% and 7% after the report came out. Oracle provides cloud infrastructure to OpenAI, so investors see the stock as closely tied to its growth.

Microsoft also has close financial ties to OpenAI. Microsoft recorded $24.1 billion in fiscal year 2026 revenue from its commercial deals with the company.

Since OpenAI and Anthropic are both private, investors often use Microsoft and Oracle as ways to trade on their growth.

Anthropic, OpenAI’s closest rival, is also expanding fast. Its annualized revenue run rate crossed $65 billion by the end of July.

That is more than seven times its run rate at the end of 2025. A draft IPO prospectus reviewed by Reuters showed Anthropic’s booked revenue rose twelvefold to nearly $4.6 billion for the year.

The filing also disclosed $518 billion in future cloud and computing obligations. It included a risk factor warning that its technology could pose what the company called an “existential risk” to humanity.

Both OpenAI and Anthropic remain private for now. That could change soon, as both are seen as moving toward eventual public listings.

An Anthropic listing would set the first public market valuation for a company built solely around generative AI. That would give investors a way to directly compare the two firms for the first time.

An OpenAI listing would force the company to release audited revenue and expense figures. That would close the current gap in knowledge about its costs.

OpenAI was valued at $852 billion after a funding round in March 2026. The Financial Times reported early talks around a $1.2 trillion valuation.

Investors in Microsoft, Oracle, and chip makers are watching these developments closely. Any future listing from either AI lab is expected to act as a test case for the wider AI infrastructure sector.