Leaked IPO financials and company disclosures show Anthropic has reached $30B annualized run-rate revenue (up from $9B at end-2025, and ~$1B a year prior), overtaking OpenAI's confirmed $24B run-rate. Anthropic's projected peak training cost of ~$30B compares to OpenAI's $121B in 2028, suggesting a structurally different capital efficiency model built on enterprise API contracts and coding tools (Claude Code at $2.5B ARR). For financial institutions, this challenges the consensus assumption that frontier model leadership requires maximum compute spend, and raises contested questions about where AI rent accrues and whether training-scale is a durable moat. Notable caveat: the two companies recognize revenue differently, with Anthropic booking through cloud partners (Google Cloud, AWS), introducing noise in the direct comparison.
508 other tracked developments touching the same claims.