Anthropic Overtakes OpenAI in Revenue While Securing Massive Compute Deal
Anthropic has surpassed OpenAI in revenue run rate while signing one of the largest compute deals ever disclosed with Google and Broadcom, marking a major shift in the competitive AI landscape.
The Revenue Crossover
Anthropic overtook OpenAI in revenue run rate while signing one of the largest compute deals ever disclosed. This milestone represents a dramatic turnaround in the competitive dynamics of the AI industry, where just months ago OpenAI was considered an insurmountable leader. Anthropic filed confidentially for an IPO on June 1, 2026, at a $965 billion valuation, after closing a $65 billion Series H.
Compute Infrastructure Expansion
A new agreement with Google and Broadcom will deliver approximately 3.5 gigawatts of next-generation TPU capacity starting in 2027, adding to roughly 1 gigawatt of Google compute already committed for 2026. The Broadcom partnership represents a strategic shift, with Anthropic diversifying across Google TPUs, AWS Trainium chips, and Nvidia hardware rather than relying solely on Nvidia GPUs.
Enterprise Dominance
Claude Code became generally available in May 2025, hit $1B in annualized revenue by November 2025, and reached $2.5B in annualized revenue in February 2026, with enterprise use representing over half of Claude Code revenue from customers including Netflix, Spotify, KPMG, L'Oréal, and Salesforce. The company's enterprise-focused strategy contrasts sharply with OpenAI's more consumer-oriented user base.
IPO Timeline and Valuation
Multiple reports indicate Anthropic is evaluating a public offering as early as October 2026. Anthropic's $30 billion run rate exceeds the trailing twelve-month revenues of all but approximately 130 S&P 500 companies, with a company that was essentially pre-revenue in early 2024 now out-earning most of the Fortune 500.