Anthropic’s S-1 reveals two areas where OpenAI could have the upper hand, experts say
Source: Fortune ·
OpenAI's consumer business and its accelerating revenue will likely tell a different financial story—and possibly a better one.
From the source
Now that Anthropic’s S-1 is public, it provides a natural comparison point to its rival OpenAI, if and when the latter eventually files its IPO prospectus (likely sometime in 2027). Analysts have been poring over Anthropic’s filing this week, and so far are already expecting OpenAI’s version to tell a different financial story. Specifically, it could have two potential advantages over Anthropic. The first is in the revenue growth rate. Second, is the diversity of the business, specifically OpenAI’s consumer business. Anthropic’s revenue growth slows as OpenAI picks up speed. But what about margins? In the first six months of 2026, Anthropic’s revenue hit $16.3 billion, a 1,300% year-over-year increase—just five years after its founding in 2021. That’s the fastest growth rate among multiple other eye-popping growth rates the company has seen in recent years. In 2023, Anthropic’s revenue was $41 million, and in 2024 it grew 841% to $386 million. in 2025, its revenue jumped again to…