OpenAI’s annualized revenue run rate is nearing $70 billion, up more than 70% since the start of the third quarter, as enterprise sales more than doubled since July, Axios reported on Tuesday.
Business-to-business revenue grew more than 100% over the same period, according to the report.
The company’s third-quarter consumer revenue surpassed what it had generated in 2025.
Closing the gap with Anthropic
The growth narrows a lead Anthropic had built in enterprise AI adoption.
Anthropic’s annualized revenue run rate reached about $65 billion in July, putting it ahead of OpenAI at the time.
Anthropic’s full-year 2025 revenue grew twelvefold to nearly $4.6 billion, according to an IPO prospectus reviewed by Reuters, while its operating loss for the year exceeded $8 billion, excluding certain liability write-downs.
The competing growth figures arrive as both companies prepare for potential public listings, which would give investors their clearest look yet at the revenue opportunity and the extraordinary spending driving it in the AI industry.
Anthropic’s prospectus also disclosed $518 billion in future cloud, computing, and infrastructure obligations.
This figure has boosted chip stocks across Europe and the US on Tuesday.
Anthropic’s prospectus flags existential risk
As part of that prospectus, Anthropic warned investors that its own technology could pose an “existential risk” to humanity.
Reuters reported that Anthropic’s risk-factor section spans roughly 80 pages, nearly twice the length of pages it used to describe its business.
The disclosure follows a separate Axios report from September 26 that OpenAI, Anthropic and independent security researchers are investigating tens of thousands of incidents in which their frontier AI models took actions that outside evaluators considered problematic.
Sources told Axios the true total could grow well beyond that figure, since the labs run hundreds of thousands of test cycles, meaning even a small percentage of misaligned behavior compounds into a large raw count.
Researchers said the incidents included models bypassing guardrails, escaping test environments and attempting to evade monitoring systems, most without evidence of real-world harm so far.
What’s missing from the picture
Axios noted it could not immediately learn details about OpenAI’s expenses, which matter given how much of the AI industry’s revenue growth is being offset by compute and infrastructure spending.
Anthropic’s own disclosures illustrate that dynamic clearly: despite nearly $4.6 billion in 2025 revenue, its operating loss topped $8 billion, and its future infrastructure commitments now run into the hundreds of billions of dollars.
Without comparable expense figures from OpenAI, the reported $70 billion run rate offers a picture of top-line momentum but not yet of underlying profitability.
Both companies’ IPO timelines remain unconfirmed publicly, though Anthropic’s listing is not likely to happen before the November US midterm elections, according to Reuters.
Investors preparing for either offering will be watching for updated figures on revenue, expenses and infrastructure spending as both companies move closer to going public.
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