Anthropic overtakes OpenAI on revenue for first time

The revenue crossover marks a significant moment in the commercial AI race. OpenAI's growth deceleration to 18 percent quarter-over-quarter stands in stark contrast to Anthropic's revenue doubling, a gap that reflects structural differences in how the two companies monetize their models. According to Vercel, Anthropic extracts substantially more revenue per user interaction with Claude, suggesting either a willingness among Anthropic's customers to pay premium rates or a more efficient pricing model. The slowing at OpenAI appears tied specifically to ChatGPT's mature user base, while Anthropic's Claude Code tool is driving incremental demand. OpenAI's deteriorating operating margin—pushing deeper into the red despite $6.7 billion in quarterly revenue—underscores the tension between aggressive growth spending and near-term profitability. The company's bet on GPT-5.6, launched in July, signals a strategy to reignite growth momentum ahead of an expected IPO; early signs suggest that launch may be working. Anthropic's achievement of a small operating profit on $11.6 billion in revenue suggests a leaner cost structure or more disciplined capital allocation, though the article does not detail the reasons.