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How OpenAI and Anthropic Make Money—and Who Controls Their AI Models (2026)

By Freedom251 Team · · 10 min read

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OpenAI and Anthropic make money in similar ways: paid consumer subscriptions, enterprise contracts, metered API access, and distribution through cloud platforms. Their control structures are different, however. OpenAI says its nonprofit OpenAI Foundation controls the for-profit OpenAI Group PBC by appointing and removing its board. Anthropic is a public benefit corporation whose board is elected by stockholders and its Long-Term Benefit Trust, which is designed to gain majority board-selection power over time.

Microsoft, Amazon, Google, and other investors supply capital, computing capacity, licenses, and distribution. Those relationships can create substantial economic influence, but they are not the same as formally controlling a company’s board or unilaterally owning every model it develops.

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How does OpenAI make money?

OpenAI’s commercial revenue comes from selling access to its products and models directly to users and businesses, then expanding distribution through APIs, cloud hosting, licensing, and strategic partnerships.

Consumer subscriptions

ChatGPT subscriptions turn general-purpose model access into recurring revenue. Individual customers pay for higher limits, additional features, and access to more capable or specialized models than are available on a free tier. The subscription relationship is direct: OpenAI bills the user and operates the service.

Enterprise contracts

Businesses buy managed access, administrative controls, security features, support, and larger usage allowances under enterprise agreements. These contracts can cover thousands of employees and are typically more valuable and predictable than individual subscriptions because they combine seats, usage, and organizational services.

API usage

Developers pay to send prompts and receive model outputs through the OpenAI API. Billing is metered by usage, so revenue grows when applications process more text, images, audio, or other supported workloads. API customers can embed models in their own software rather than using ChatGPT’s interface.

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Licensing, Azure distribution, and revenue sharing

Microsoft has rights to OpenAI intellectual property, including models and infrastructure, for integration into products such as Copilot. The companies also have revenue-sharing arrangements and Azure distribution rights. Microsoft’s fiscal 2026 Form 10-K reported $24.1 billion in revenue from commercial arrangements with OpenAI. That is revenue recognized by Microsoft from its partner arrangements, not OpenAI’s disclosed company-wide revenue and not a direct measure of OpenAI’s profit.

OpenAI therefore has two routes to market: it can sell a service itself, or it can let a partner distribute model capabilities inside another product or cloud environment. The second route can reach customers that would never open ChatGPT or call the API directly, while the contractual split determines how much of that activity each company records.

How does Anthropic make money?

Anthropic describes its business model as revenue from enterprise contracts and paid subscriptions, with that revenue reinvested into improving Claude. Claude is also sold as an API and made available through several cloud platforms.

Claude subscriptions

Individuals and teams can pay for Claude access through subscription plans. The subscription provides a recurring relationship with the user and can include higher limits, collaboration features, or access to more capable models than a free account.

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Enterprise agreements

Large organizations purchase Claude under contracts that address deployment, administration, security, support, and usage. Anthropic’s enterprise sales are distinct from consumer subscriptions because the buyer may negotiate capacity, integration, and governance requirements for an entire organization.

Claude API

Software companies can call Claude from their own applications and pay according to usage. This lets Anthropic earn from products that use Claude behind the scenes, even when the end user never visits an Anthropic website.

Cloud distribution

Claude is available through Amazon Bedrock, Google Cloud Vertex AI, and Microsoft Azure. Anthropic says more than 100,000 customers run Claude on Amazon Bedrock. Cloud distribution gives customers an existing billing account, security model, and infrastructure relationship, while Anthropic receives revenue under its agreements with the cloud provider.

These channels are complementary rather than mutually exclusive. A company might test Claude through a cloud marketplace, sign an enterprise agreement for broader deployment, and use the API to place Claude inside a customer-facing application.

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What revenue numbers have OpenAI and Anthropic disclosed?

The available figures use different definitions, so they should not be treated as a clean league table. Microsoft’s number is partner revenue recognized by Microsoft; Anthropic’s numbers are run-rate estimates, meaning a current revenue pace annualized to illustrate scale rather than audited annual revenue.

Company or source Reported figure Date and definition What it does not show
Microsoft $24.1 billion Fiscal 2026 Form 10-K; revenue Microsoft recognized from commercial arrangements with OpenAI OpenAI’s total revenue, cash receipts, or profit
Anthropic Approximately $9 billion run-rate End of 2025; annualized pace, not audited annual revenue Actual full-year 2025 revenue
Anthropic Above $30 billion run-rate April 2026 Amazon announcement; annualized pace, not audited annual revenue Audited 2026 revenue or cumulative sales
Anthropic More than $47 billion run-rate May 2026 funding announcement; annualized pace, not audited annual revenue Cash collected or a directly comparable OpenAI figure

A run-rate can rise quickly when large contracts begin or usage accelerates, but it is not the same as revenue recognized over a completed year. Comparing it with a partner’s reported revenue can produce a misleading ranking because the numerator, accounting entity, and period differ.

Who formally controls OpenAI?

OpenAI says the nonprofit OpenAI Foundation controls the OpenAI Group PBC through special voting and governance rights. The Foundation appoints every member of the Group’s board and can replace directors at any time.

Why OpenAI has a nonprofit Foundation and a for-profit Group

OpenAI created a for-profit subsidiary in 2019 to raise capital and scale research and deployment while retaining nonprofit oversight. The operating company can issue equity and sign commercial contracts, but the Foundation’s governance rights sit above ordinary shareholder voting on the questions that determine who runs the company.

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What the recapitalization ownership figures mean

OpenAI’s structure page says that, at recapitalization closing in 2025, the Foundation held a 26% equity stake valued at approximately $130 billion. Microsoft held roughly 27%, while employees and other investors held the remaining 47%.

Those percentages describe economic ownership, not board control. The Foundation’s special rights allow it to appoint and remove the Group board even though it does not hold a majority of the ordinary equity. In practical terms, a shareholder can have a large financial interest without having the legal power to select the directors.

Does Microsoft control OpenAI?

No—not according to OpenAI’s stated governance structure. Microsoft is a major shareholder and a powerful commercial partner, but the OpenAI Foundation retains formal control of the OpenAI Group board.

What Microsoft does control or influence

  • Economic exposure: Microsoft owns roughly 27% of OpenAI after the 2025 recapitalization, according to OpenAI’s structure page.
  • Intellectual-property rights: Microsoft says its arrangements include rights to OpenAI intellectual property, including models and infrastructure.
  • Distribution: Azure provides a major channel through which customers can access OpenAI technology, including integrations such as Copilot.
  • Revenue economics: The companies share revenue under their commercial agreements.
  • Infrastructure dependence: Training and serving frontier models require enormous computing resources, making access to cloud capacity strategically important.

These rights can give Microsoft substantial bargaining power over economics, hosting, and product distribution. They do not, by themselves, let Microsoft appoint or remove the OpenAI Group board. Formal corporate control remains with the Foundation under the structure OpenAI has published.

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Who formally controls Anthropic?

Anthropic is a public benefit corporation. Its board is elected by stockholders and the Long-Term Benefit Trust, an independent body of financially disinterested trustees.

How the Long-Term Benefit Trust works

Anthropic created a special Class T share for the Trust. The governance design gives that class authority to elect and remove directors, with the stated aim that the Trust will elect a majority of the board within four years of the 2023 announcement. Anthropic’s current transparency materials continue to describe the Trust as gaining majority board-appointment power over time.

The Trust is intended to represent Anthropic’s long-term public-benefit mission rather than the short-term financial interests of an investor. Until the transition is complete, stockholders and the Trust share board-selection authority under the company’s governing documents. The board, rather than any one cloud partner, oversees ordinary corporate decisions and the chief executive.

Does Amazon control Anthropic?

No. Amazon is a minority investor and major infrastructure partner, not Anthropic’s formal controlling body. Amazon’s investment and cloud relationship are economically significant, but Anthropic’s board is governed through stockholder and Long-Term Benefit Trust rights.

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Amazon’s financial and infrastructure role

Amazon announced in November 2024 that its total investment in Anthropic had reached $8 billion. In April 2026, Amazon announced an additional $5 billion investment and the possibility of up to $20 billion more in the future. The later commitment does not turn Amazon into a majority owner or automatically grant it board control.

Amazon also operates Amazon Bedrock, where Anthropic says more than 100,000 customers run Claude. That relationship can make Amazon an important route to market and a critical source of computing capacity while leaving Anthropic’s formal governance with its board and Trust structure.

Who controls the AI models in practice?

“Control” has several meanings in an AI business. The answer changes depending on whether you mean board authority, equity, intellectual-property rights, infrastructure, or the customer-facing deployment channel.

Control layer OpenAI Anthropic
Board and corporate governance OpenAI Foundation appoints and can replace the OpenAI Group board Board elected by stockholders and the Long-Term Benefit Trust; Trust designed to gain a majority over time
Equity and economic ownership Foundation 26%, Microsoft about 27%, employees and investors 47% at 2025 recapitalization closing Multiple stockholders and investors; no single cloud partner is identified as controlling the board
Intellectual-property and licensing rights Microsoft has contractual rights to OpenAI IP, models, and infrastructure under its agreements Cloud and investment agreements support distribution and infrastructure; they do not replace Trust and stockholder governance
Primary cloud channels Azure and OpenAI’s direct products and APIs Amazon Bedrock, Google Cloud Vertex AI, Microsoft Azure, plus Anthropic’s direct products and API
Model access for end users ChatGPT, developer applications, enterprise products, and partner integrations Claude subscriptions, enterprise deployments, API applications, and cloud services

A cloud customer may experience a model through a partner’s interface, billing system, and security controls, but that does not mean the partner created or legally governs the model company. Conversely, a model company may retain board control while granting a partner broad contractual rights to host, integrate, or distribute its technology.

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What is the difference between ownership, influence, and control?

Ownership is an economic claim: it can provide a share of future value and voting rights attached to the relevant class of stock. Influence is practical leverage, such as supplying scarce compute, operating a dominant distribution channel, or holding valuable licensing rights. Control is the legal power to determine who sits on the board and therefore who directs the company.

  • Ownership can be non-controlling: A 27% stake is financially substantial but does not automatically confer majority voting power.
  • Contracts can be powerful without being governance rights: An IP license or revenue-sharing agreement can shape products and economics without allowing the partner to remove directors.
  • Infrastructure can create dependence: A company that relies heavily on a cloud provider may negotiate under pressure, even when the provider lacks formal board authority.
  • Model access is not model ownership: A cloud platform can host and sell access to a model while the model developer retains its underlying corporate and intellectual-property interests.

This distinction explains why “Who owns the company?” and “Who controls the models?” do not always have the same answer. OpenAI’s Foundation controls the board, Microsoft has major contractual and economic rights, and customers may reach OpenAI models through Microsoft’s cloud. Anthropic’s Trust is designed to control the board over time, while Amazon and other cloud partners provide capital and distribution.

How do these business models affect customers and developers?

For a customer, the practical choice is usually about access, billing, integration, and governance rather than the investor cap table.

Buying directly

Direct subscriptions and enterprise agreements create a relationship with the model developer. This can simplify access to the developer’s newest product features and support, while placing billing and service administration with that company.

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Using a cloud platform

Cloud distribution lets an organization use an existing procurement process, identity system, security tooling, and infrastructure account. It can also make it easier to combine model calls with data and workloads already running in that cloud. The trade-off is that availability, pricing, features, and contractual terms may differ from the developer’s direct offering.

Building through an API

An API gives developers control over their own user experience and application logic. Costs generally track usage, so teams must monitor volume, latency, rate limits, and model changes rather than treating access as a fixed subscription.

None of these routes changes which entity formally controls the board. They change how the model is delivered, billed, supported, and integrated into a customer’s systems.

What should you remember about OpenAI and Anthropic?

  1. Both companies monetize subscriptions, enterprise contracts, APIs, and cloud distribution.
  2. OpenAI says its nonprofit Foundation controls the OpenAI Group board despite Microsoft’s large equity stake and extensive commercial rights.
  3. Anthropic’s board is elected by stockholders and the Long-Term Benefit Trust, which is designed to gain majority authority over time.
  4. Amazon, Microsoft, Google, and other partners can provide capital, compute, licensing, and distribution without automatically controlling the model developer’s board.
  5. Anthropic’s run-rate figures and Microsoft’s partner-revenue figure use different accounting concepts and dates, so they are not direct company-to-company revenue comparisons.

Frequently Asked Questions

Is OpenAI still a nonprofit?

The OpenAI Foundation is a nonprofit entity, while OpenAI Group PBC is the for-profit operating company created to scale research and deployment. The Foundation’s special governance rights are what allow nonprofit control to coexist with outside equity investment in the Group.

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Are Anthropic’s run-rate numbers the same as annual sales?

No. A run-rate annualizes a recent pace of revenue; it does not show the amount recognized during a completed fiscal year. It can change rapidly when usage or large contracts change, so it should not be read as audited annual revenue.

Can an investor with a large stake remove a company’s AI model from the market?

Not merely because it owns shares. The ability to direct model deployment depends on board authority, intellectual-property licenses, hosting agreements, and other contracts, each of which can assign different rights.

Why do companies distribute the same model through several clouds?

Multiple channels meet customers where their data, procurement, and security controls already exist. They also reduce dependence on a single route to market, although each channel can have different availability, billing, and feature terms.

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AI business modelsAI governanceAmazonAnthropicChatGPTClaudeMicrosoftOpenAI

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