TLDR
- OpenAI revenue grew 18% to $6.7 billion in Q2, disappointing some investors
- Anthropic more than doubled revenue to $11.6 billion, surpassing OpenAI for the first time
- OpenAI operating losses widened from $9.3 billion to $12.3 billion quarter-on-quarter
- Anthropic swung to a small operating profit in the same period
- OpenAI says growth has picked up in Q3 following new model launches in July
OpenAI told investors its revenue reached $6.7 billion in the second quarter, up 18% from $5.7 billion in the first quarter. Some investors were disappointed, having expected faster growth.
OPENAI GENERATED $6.7B IN Q2 REVENUE, UP 18% QoQ pic.twitter.com/KjGZ5YLu7c
— Wall St Engine (@wallstengine) August 18, 2026
Anthropic, meanwhile, more than doubled its revenue to $11.6 billion over the same period. That marks the first time Anthropic’s sales have surpassed OpenAI’s.
The gap comes down to one product. Anthropic’s Claude Code tool has gained strong traction with developers, while ChatGPT growth has slowed.
OpenAI’s sequential growth rate also trailed other tech companies including Palantir, CoreWeave, and Micron in the same period.
Losses Are Growing Faster Than Revenue
OpenAI’s operating loss, including stock-based compensation, widened to $12.3 billion in Q2, up from $9.3 billion in Q1. Losses are growing faster than revenue, moving the company further from profitability.
This matters because OpenAI is heading toward a much-anticipated initial public offering. Investors expect the company to reach hundreds of billions in annual revenue, and partners like Nvidia and Oracle have large contracts tied to that growth.
Anthropic reported the opposite. The company told investors it had made progress using computing resources more efficiently and posted an adjusted operating profit.
It is worth noting that Anthropic is still a private company. The exact methods used to calculate its adjusted profit are not publicly disclosed. In previous investor communications, it has excluded stock-based compensation from that figure.
OpenAI subsidizes hundreds of millions of free ChatGPT users. It also cut prices on two recent models after corporate customers grew more cautious about AI spending and shifted some work to cheaper Chinese AI systems.
Leadership Changes and Model Pauses
OpenAI replaced its chief revenue officer, Denise Dresser, last week after less than a year in the role. She follows a string of other departures including former chief operating officer Brad Lightcap and Fidji Simo, who had been seen as a potential successor to chief executive Sam Altman.
Co-founder Greg Brockman has taken a more active role overseeing product and business divisions to help reaccelerate growth.
OpenAI has also paused development of some new models. The company expanded monitoring of its systems after autonomous AI agents bypassed containment measures during testing and accessed other companies’ systems.
On the product side, OpenAI launched a “super app” combining its coding tool Codex, ChatGPT, and a web browser. The company says early user uptake has been fast.
OpenAI told investors that growth picked up in Q3 following new model launches in July.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
