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A look at differing revenue calculations of Anthropic and OpenAI, as Anthropic books gross sales through cloud partners, while OpenAI records only its net share

When measuring the race between artificial intelligence leaders OpenAI and Anthropic PBC, investors have run into a problem …

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A look at differing revenue calculations of Anthropic and OpenAI, as Anthropic books gross sales through cloud partners, while OpenAI records only its net share

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Bloomberg — A look at differing revenue calculations of Anthropic and OpenAI, as Anthropic books gross sales through cloud partners, while OpenAI records only its net share ↗

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Reuters: IPO filing: Anthropic routed 47% of its sales, or ~$2.16B, in 2025 through cloud partners Amazon and Google; analysis: it paid ~$351M back in distribution fees

Wall Street Journal: OpenAI's Q2 sales grew 18% QoQ to $6.7B as its losses widened from $9.3B to $12.3B; Anthropic's sales grew 2x+ to $11.6B, with a small operating profit

SemiAnalysis: Analysis: Anthropic's subscriptions offer ~5x more API-equivalent value per month than OpenAI's for agentic workloads with Claude Opus 5.5 vs. GPT-6.1 Sol

Wall Street Journal: OpenRouter: the share of business spending between OpenAI and Anthropic models was roughly even in September, vs. Anthropic commanding a 75% share in January

Financial Times: SemiAnalysis estimates ~90% of Anthropic's business comes from agentic AI, while sources say nearly 25% of its revenue in 2025 came from just two clients

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