TLDR
- Anthropic is weighing how aggressively to push new AI models as competition with OpenAI intensifies ahead of a possible IPO.
- OpenAI’s GPT-6 Astra has gained enterprise traction since its September launch, increasing competitive pressure on Claude.
- Anthropic’s annualized revenue run rate reached about $65 billion by the end of July, compared with more than $40 billion for OpenAI.
- Anthropic is balancing investment in new models against investor pressure to improve profitability before going public.
- Open-source and open-weight AI models could create an even broader competitive challenge for both companies by lowering costs for businesses.
Competition between Anthropic and OpenAI is intensifying as both companies fight for enterprise AI spending and prepare for potential public-market scrutiny. Anthropic is considering how quickly to release new models while also balancing rising development costs, safety concerns and pressure to improve profitability.
BREAKING: SpaceX, Anthropic, and OpenAI are worth more than every U.S. tech IPO in the past 45 years combined pic.twitter.com/hGMxP0OoxX
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The debate comes as OpenAI gains momentum following the launch of GPT-6 Astra earlier this month. Anthropic, meanwhile, is moving closer to a potential IPO and faces increasing pressure to defend its position in the enterprise AI market.
OpenAI Gains Ground With GPT-6 Astra
OpenAI launched GPT-6 Astra on September 3, highlighting improvements in computer use, software engineering, cybersecurity and professional work. The model has since expanded across ChatGPT subscriptions, the OpenAI API and enterprise distribution channels.
Astra has also gained ground with developers and businesses. According to data cited in the report, GPT-6 Astra helped OpenAI reach the top position on OpenRouter for the first time in more than two and a half years.
Corporate spending data points to a similar shift. OpenAI accounted for roughly 13% of enterprise AI spending tracked by Ramp, compared with around 8% for Anthropic’s Claude.
That gap is drawing attention from investors evaluating Anthropic ahead of a possible public offering. The concern is whether OpenAI can take a larger share of corporate AI spending from a company that has built a strong position in enterprise applications.
Anthropic Still Holds Revenue Advantage
Despite OpenAI’s recent gains, Anthropic remains ahead on one important measure. Its annualized revenue run rate reached about $65 billion by the end of July, up from roughly $9 billion at the end of 2025.
OpenAI’s annualized revenue run rate had surpassed $40 billion over the same period. Anthropic is also reportedly projecting between $190 billion and $200 billion in revenue for 2028 as investors attempt to value the company ahead of a potential IPO.
Some investors reportedly believe Anthropic’s existing enterprise relationships give it protection against a sudden loss of market share. Large businesses can take considerable time to replace AI providers once models have been integrated into internal workflows.
OpenAI is nevertheless becoming more focused on the same market. CFO Sarah Friar has said enterprise revenue has now overtaken consumer revenue, strengthening OpenAI’s push toward longer-term corporate contracts.
IPO Pressure Adds Another Challenge
Anthropic is also weighing the cost of continuing to release more powerful models against its need to demonstrate stronger profitability. Higher interest rates have made investors more focused on when rapidly growing AI companies can turn rising revenue into sustainable earnings.
That creates a difficult balance between maintaining technological leadership and controlling spending. Training and operating frontier AI systems require large investments in computing infrastructure, research and safety testing.
Anthropic’s situation is further complicated by its public emphasis on AI safety. CEO Dario Amodei recently called for the industry to pace frontier AI development more carefully, while the company continues evaluating future model releases.
The company is reportedly considering whether to adjust the timing of its IPO, potentially giving management more flexibility over when new products are released. The report said a later listing would provide additional time to decide how model launches fit into its public-market strategy.
Open-Source AI Could Pressure Both Companies
The bigger competitive threat may eventually come from outside the Anthropic-OpenAI rivalry. Open-source and open-weight models are giving businesses more options to operate AI systems without relying completely on the largest commercial model providers.
Lower-cost alternatives could place pressure on token prices and margins across the AI industry. Businesses may also choose to build more of their own infrastructure rather than buying all of their AI capacity from OpenAI or Anthropic.
For now, Anthropic remains ahead in reported revenue while OpenAI is gaining ground in enterprise adoption. With both companies competing for the same corporate customers, the next wave of model launches and their ability to turn AI demand into profitable growth will remain closely watched.
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