Run-rates, as relayed

Data Desk · Part 12Markets

Run-rates, as relayed

Annualized revenue at the two labs as four writers relayed it between May and October, none of it audited, beside the one trailing figure that came out of a leaked prospectus. Sort by lab or by size, then switch to the yardstick.

As of Oct 2, 2026 · irregular, as the writers relay it · published Oct 2, 2026 · read Oct 9, 2026 · reported · next release Anthropic's registration statement on EDGAR

What the chart says. The four run-rates are not one series: each is a different writer's date and definition, and the gap between $50 billion and $65 billion for Anthropic is two months of relaying, not two months of sales. The one trailing figure, $4.6 billion for 2025, sits an order of magnitude below the run-rates, which is what a run-rate on a steep curve looks like.

Source: Longriver Investment Partners (Jul 20, 2026, the May figure); Daniel Romero (Sep 21, 2026, the July figures); Tae Kim (Oct 2, 2026); Reuters' reading of a leaked prospectus as relayed by Mia Silverio of Prof G Markets (Oct 5, 2026). None of the figures is audited.

Show the data table
Annualized revenue as relayed, billions of dollarsValue
Anthropic, May$50B
Anthropic, July$65B
OpenAI, July$40B
OpenAI, October$70B
Anthropic: trailing 2025 revenue against the two run-rates, billions of dollarsValue
2025 revenue$4.6B
Run-rate, May$50.0B
Run-rate, July$65.0B
Read Part 12: The Model Is Not the Price

Annualized revenue as relayed, billions of dollars

  1. OpenAI, OctoberKim, Oct 2$70B
  2. Anthropic, JulyRomero, Sep 21$65B
  3. Anthropic, MayLongriver, Jul 20$50B
  4. OpenAI, JulyRomero, Sep 21$40B

Anthropic, as relayed: $50 billion in May and $65 billion in July. OpenAI: $40 billion in July and $70 billion as reported on October 2.