OpenAI, the artificial intelligence (AI) firm behind ChatGPT, has surpassed rival Anthropic, the startup behind the Claude models, in quarterly revenue. The firm pulled in a massive $5.7 billion in the first quarter of 2026, beating Anthropic’s $4.8 billion by roughly $1 billion. However, that win came at a high cost. With ChatGPT user growth stalling and AI costs spiraling, OpenAI recorded billions of dollars in losses even as it topped the revenue leaderboard.
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OpenAI Revenue Growth Fails to Ease Losses
OpenAI’s Q1 performance was driven by its coding agent Codex, rising enterprise sales, and early ad tests on ChatGPT. However, the firm’s broader financial picture remains under pressure.
ChatGPT user growth stalled at an average of about 905 million weekly active users in Q1. At the same time, OpenAI lost $1.22 for every $1 it earned, even before major costs such as stock-based pay were included. Paying subscribers also rose to 55 million, up from 47 million at the end of 2025. However, that increase was too little to offset the firm’s losses.
OpenAI’s ongoing pressure has also spread beyond its finances. The ChatGPT maker is still facing active copyright lawsuits in U.S. courts from news publishers, authors, and dictionary firms. This comes as the company just ended its legal case with Elon Musk, CEO of Tesla (TSLA), with OpenAI achieving a court victory.
Anthropic Closes in on OpenAI With Record Growth
Anthropic is still trailing OpenAI in Q1 revenue despite its explosive growth. However, unlike OpenAI, the Claude maker has not recorded steep revenue losses. Anthropic’s growth rate in terms of revenue and Claude usage has surged significantly since February, exceeding the team’s expectations.
The firm has also recorded an annualized revenue of nearly $45 billion in Q1, well above OpenAI’s $25 billion reported in February. For its Q2 estimates, Anthropic expects revenue to jump as high as 130% to $10.9 billion. The firm also sees a significant rise in its operating profit to $559 million, marking its first-ever profitable quarter. Meanwhile, OpenAI has not shared its Q2 outlook.
Both AI firms are also eyeing a public listing in 2026. While OpenAI is targeting a valuation of up to $1 trillion, Anthropic is exploring a new funding round that could value it around $950 billion.
What Is the Next Big IPO in 2026?
Several major private companies are planning their initial public offerings (IPOs) in 2026. Musk’s rocket firm, SpaceX, has already filed its S-1 and is targeting a June 12 debut at a reported valuation of $1.75 trillion, which could make it the biggest IPO in history. OpenAI is also preparing to file, with an Autumn listing reportedly in view. Meanwhile, Anthropic is possibly aiming for an October listing, with no S-1 filed yet.
