OpenAI's annual recurring revenue is approaching $70 billion, driven by a more than doubling of enterprise sales since July, according to sources familiar with the financials who spoke to Axios. The company's business-to-business revenue has grown over 100% during the third quarter, while consumer revenue added in this period surpassed all of 2025's gains.
This surge in revenue reflects OpenAI's rapid expansion in the enterprise AI market, where it has been closing the gap with rival Anthropic. OpenAI's annualized revenue run rate increased by more than 70% since the start of the third quarter. Meanwhile, Anthropic's revenue grew twelvefold to nearly $4.6 billion in 2025 and has since surged to an annualized $65 billion as of July, according to IPO prospectuses and reports from Reuters and The New York Times.
The growth of OpenAI and Anthropic comes as both companies prepare for initial public offerings, which will provide investors with detailed insights into their revenue streams and the significant expenditures fueling their expansion. Anthropic's IPO filings also reveal $518 billion in future cloud, computing, and infrastructure commitments, highlighting the scale of investment in AI infrastructure. The filings include warnings about potential existential risks posed by their technology.
OpenAI's revenue acceleration in the third quarter, surpassing consumer revenue gains from all of 2025, underscores the company's strong positioning ahead of its IPO. The company’s financial trajectory will become clearer once it publicly files, offering a detailed view of its revenue and spending dynamics, according to Axios.