Anthropic and OpenAI Financial Growth Revealed Amid Shifting AI Model Adoption
A Financial Times report reveals that Anthropic's annualized revenue reached $65 billion in July 2026, while OpenAI's annualized revenue surpassed $40 billion following the launch of GPT 5.6. Additionally, data from the Ramp AI Index indicates that Anthropic's more expensive models, like Fable 5, are struggling to attract users compared to cheaper alternatives. This highlights a shift in the AI market where enterprises prioritize cost-efficiency over peak performance, forcing top AI labs to balance model capabilities with pricing. It also shows the massive financial scale and rapid growth of the leading generative AI companies. According to Ramp's billing data from 70,000 companies, Anthropic's Opus 4.8 accounted for 28% of its model spend in July 2026, whereas the newer Fable 5 and Opus 5 captured only 8% and 3.5% respectively. Anthropic also reported having 6,000 customers spending at least $100,000 annually.
## BACKGROUND
Anthropic and OpenAI are leading competitors in the generative AI space, developing large language models (LLMs) like Claude and GPT. The Ramp AI Index is a monthly tracker that measures AI adoption and spending by analyzing transaction data from businesses using Ramp's corporate card and bill payment platform.