Anthropic’s third-quarter revenue reached $16.8 billion, more than three times what it earned in all of 2025, while OpenAI’s annualized run rate sits near $50 billion.

Anthropic earned $1.70 for every dollar spent on compute last quarter and posted an 11% adjusted operating margin, its second straight adjusted profit.

Growth slowed to 45%, and investors have cut year-end forecasts to about $74 billion, against at least $518 billion in infrastructure commitments and a 2028 revenue target of $190 billion to $200 billion.

In 2025, OpenAI earned nearly $3 of revenue for every dollar Anthropic did. Nine months later, Anthropic booked more in a single quarter than it did in all of last year, and it told investors it did so at a profit.

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That is the case Anthropic made Wednesday (Oct. 14) at a daylong meeting at its San Francisco headquarters, where it said third-quarter revenue reached $16.8 billion, up 45% from the second quarter, the Financial Times reported Wednesday. Anthropic was profitable on an adjusted basis for the second quarter in a row.

The scale of the shift is clearer against last year’s numbers. 6 billion in revenue for all of 2025 , Reuters reported Sept. 28, citing the company’s confidential initial public offering (IPO) prospectus. 07 billion in revenue , according to a June report by independent journalist and AI industry critic Ed Zitron , which was verified by the FT.

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