Anthropic reported revenue of $11.6 billion for Q2 2026, becoming the first frontier AI lab to achieve profitability. OpenAI posted $6.7 billion in revenue for the same period but saw its losses deepen despite higher absolute revenue. Anthropic’s growth trajectory is striking: its revenue grew from $787 million in Q2 2025 to $11.6 billion one year later, a 14-fold increase. Both companies are preparing for IPOs, and their respective financial trajectories will define their IPO narratives.
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