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Quarterly Revenue Reporting from AI Vendors

AI vendor revenue is growing faster than almost any company in history — and is also one of the most frequently misreported numbers in tech, because nearly all of it is private. This page tracks the trajectories while being explicit about what the figures are: annualized run-rates (a recent month multiplied by twelve), drawn from company disclosures and media reports, not audited quarterly statements. The headline story is the OpenAI–Anthropic race. OpenAI grew from roughly $6 billion in run-rate revenue in 2024 to about $25 billion by early 2026. Anthropic’s curve is steeper still — from under $100 million in early 2024 to roughly $30 billion by April 2026, when it reportedly passed OpenAI, driven overwhelmingly by enterprise and coding products. Behind the two leaders, the field drops off sharply: Mistral and xAI are measured in the hundreds of millions, not tens of billions. And a crucial caveat runs through all of it — enormous revenue growth coexists with enormous losses, so these are not profitability figures. This page maps the leaders, the field, and how to read the numbers honestly.

4 visualizations 4 sources Last updated June 2026 Free to embed
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Chart 1 · The two leaders

OpenAI vs Anthropic annualized revenue

OpenAI vs Anthropic annualized run-rate ($B)

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Source: Epoch AI revenue dataset 2024–26: OpenAI’s annualized run-rate climbed ~$6B (2024) → ~$20B (end-2025) → ~$25B (Feb 2026). Anthropic’s rose far faster: ~$1B (Jan 2025) → ~$9B (end-2025) → ~$30B (Apr 2026), passing OpenAI. These are run-rate (annualized) figures from disclosures and media reports — not audited GAAP revenue.
Chart 2 · Anthropic’s vertical line

The steepest revenue curve on record

Anthropic: $87M → $30B in ~2 years (log scale)

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Source: SaaStr / Anthropic disclosures 2024–26: Anthropic’s run-rate — $87M (Jan 2024), $1B (Jan 2025), $9B (Dec 2025), $14B (Feb 2026), $30B (Apr 2026). Epoch AI fits the trend at ~10x/year. Reporting suggests both firms expect slower 2026 growth (OpenAI ~2.2x, Anthropic ~4x), so extrapolations should be read cautiously.
Chart 3 · The rest of the field

Other AI vendors by run-rate

The field: two leaders, then a steep drop (log)

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Source: Epoch AI / FT 2025–26: beyond the two leaders, run-rates are far smaller — Mistral reported “north of $400M” (early 2026, up from ~$20M a year earlier), and xAI ~$100M (late 2024). The revenue gap between the top two and everyone else is currently very wide. Run-rate figures; confidence varies by source.
Chart 4 · Read these numbers carefully

Run-rate ≠ audited revenue

Run-rate ≠ profit: big revenue, bigger losses

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Source: Epoch AI methodology 2026: the essential caveat — most figures are annualized run-rate (a recent month × 12), drawn from company disclosures and media leaks, not audited quarterly statements. Both firms are deeply unprofitable (OpenAI projects a ~$14B loss for 2026), so revenue growth and profitability are very different stories. Treat all figures as reported/estimated.

About this data

This page compiles AI vendor revenue data, prioritizing Epoch AI’s structured revenue dataset (which aggregates disclosures and media reports with confidence ratings), alongside SaaStr, The Information, the FT, and company announcements.

The AI Behavior Index is the research arm of OneChat AI, an integrated multi-model AI platform. We compile and analyze data from primary research sources to make AI adoption and market trends more accessible to journalists, researchers, and decision-makers.

Why every figure here is labeled run-rate, not audited revenue: almost all leading AI vendors are private and don’t publish audited quarterly statements. The numbers in circulation are “annualized run-rate” — a recent month’s revenue × 12 — from company disclosures or media reporting, which can have timing and accuracy uncertainty. Epoch AI, our primary source, attaches explicit confidence labels for exactly this reason. We present trajectories as reported, not as precise audited results.

Methodology notes: run-rate annualizes a single recent period and so can overstate or understate stable annual revenue, especially during rapid growth. Figures come from mixed sources (company statements, anonymous-source media reports) with varying reliability. Cross-vendor comparisons are directional — different companies disclose on different dates and definitions. Crucially, these are top-line revenue figures, not profit: both leaders operate at large losses, so revenue growth says nothing about financial sustainability here. Extrapolations should account for both firms’ own guidance of slower 2026 growth.

Sources used on this page:

Corrections or suggestions: research@aibehaviorindex.org

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