How Anthropic's IPO compares with OpenAI's

Anthropic may deserve a higher reported IPO valuation than OpenAI because its business is more enterprise-oriented and has grown faster, although investors must still assess the durability and economics of that growth.

• Anthropic's reported IPO valuation is up to $2 trillion, versus up to $1 trillion for OpenAI.
• Enterprise customers account for about 80% of Anthropic's revenue, compared with roughly 40% for OpenAI, potentially making Anthropic's relationships stickier because switching involves workflow changes, employee training, testing, and security reviews.
• Anthropic's annualized revenue run rate recently exceeded $65 billion, up from roughly $9 billion at the end of 2025.
• OpenAI has reported $40 billion of annualized revenue, compared with $20 billion over the same time horizon.
• The comparison suggests that Anthropic's enterprise mix and revenue growth help explain investor enthusiasm, but the article does not establish whether either company can convert top-line expansion into recurring revenue, durable customer relationships, and sustainable economics.

Takeaway: Anthropic appears to offer stronger enterprise exposure and faster reported growth than OpenAI, but investors should test whether those advantages translate into persistent revenues and viable long-term economics.