OpenAI vs Anthropic
The two largest private AI labs, compared on the numbers investors ask about: what each is worth, how much revenue it brings in, how much it has raised and when its shares can be bought. Every figure carries its date, because both move fast.
OpenAI and Anthropic side by side
| OpenAI | Anthropic | |
|---|---|---|
| Latest valuation | $1.25T pre-money | $965B post-money |
| Set by | November 2026 round, November 2026 | Series H, May 2026 (post-money) |
| Revenue run-rate | ~$70B (end Sep 2026) | ~$65B (July 2026) |
| Valuation / run-rate | ~18× | ~15× |
| Raised in total | ~$191B | ~$141.1B |
| Founded | 2015 | 2021 |
| Best-known product | ChatGPT | Claude |
| IPO status | Confidential draft S-1 filed June 8, 2026; listing expected 2027 at the earliest | Public S-1 filed October 26, 2026, to list on Nasdaq |
| Expected ticker | Not announced | ANT |
Which is worth more, OpenAI or Anthropic?
OpenAI, at the moment. Its November 2026 round valued it at $1.25T, against $965B for Anthropic after its May 2026 round.
The lead has changed hands. OpenAI's March 2026 round put it at $852 billion; Anthropic's Series H in May 2026 valued it higher, at $965 billion, the first time it had overtaken OpenAI. OpenAI's November 2026 round put it back in front.
The two figures are not set the same way. OpenAI's latest valuation was reported as a pre-money figure, before the new money, while Anthropic's is post-money, after it. On a like-for-like basis OpenAI's lead would be slightly larger.
Which makes more money?
On the latest annualized run-rates the two are close: about $70B for OpenAI (end Sep 2026) against about $65B for Anthropic (July 2026). A run-rate takes one recent month and multiplies it by twelve, so it moves faster than either company's annual revenue.
The mix is different. OpenAI's revenue is built on ChatGPT subscriptions, enterprise seats and its API; Anthropic earns most of its revenue from businesses and developers using Claude through its API, cloud partners and Claude Code. Neither is profitable, and both spend heavily on compute.
Who goes public first?
Anthropic. It filed its S-1 publicly on October 26, 2026 to list on Nasdaq under the ticker ANT. OpenAI filed only a confidential draft, and its president Greg Brockman has said OpenAI could be ready for an IPO in 2027.
That order matters for anyone hoping to buy shares: Anthropic's will be the first of the two with a public share price, while OpenAI's shares stay private for now.
OpenAI's listing timeline is on the IPO page. Anthropic's IPO, and how to buy on the day, are covered at Anthropic Stock.
Who backs each?
OpenAI's biggest outside shareholder is Microsoft, with SoftBank, Amazon and Nvidia among the larger investors since 2025, and its nonprofit OpenAI Foundation in control. Anthropic is backed by Amazon and Google, which both supply it with compute, and later also by Microsoft and Nvidia. Microsoft and Nvidia hold stakes in both.
OpenAI's shareholders in detail: who owns OpenAI.