Both AI giants are posting jaw-dropping quarterly numbers as enterprise adoption of coding and agent tools fuels a growth trajectory that shows no signs of slowing
Anthropic’s annualized recurring revenue jumped from roughly $9 billion at the end of 2025 to $47 billion by mid-May 2026. OpenAI’s ARR climbed from an estimated $20-25 billion to around $40-41 billion over a similar stretch. Together, the two companies now command a combined ARR exceeding $115 billion.
The numbers behind the surge
Anthropic’s Q2 2026 revenue came in at approximately $11.5-11.6 billion, a massive leap from its Q1 performance and a milestone moment for the company: its first operating profit.
OpenAI posted $6.7 billion in Q2 revenue, up from $5.7 billion in Q1 2026. The company logged monthly growth of over 20% during certain periods.
Anthropic’s ARR is now projected to exceed $65 billion by the end of July 2026, with some estimates stretching toward $74-75 billion.
What’s driving the growth
Anthropic’s Claude Code and OpenAI’s GPT-5.6 series have become central to enterprise workflows. Enterprise and API demand represents the bulk of the acceleration, as businesses integrate AI capabilities directly into their software stacks. Consumer subscriptions remain a meaningful contributor as well. Financial media reports have characterized the growth as driven by sustained product momentum rather than isolated events. As of July 2026, no deceleration in growth has been reported, and forecasts for both companies remain robust.
The IPO elephant in the room
Both Anthropic and OpenAI are preparing for potential IPOs later in 2026. Anthropic closed a $65 billion Series H round in May 2026 at a $965 billion post-money valuation. OpenAI raised $122 billion earlier in the year at an $852 billion valuation.
