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OpenAI and Anthropic at a glance
The figures below come from different sources, dates and measurement bases. They show what each company or report said—not a like-for-like valuation or financial comparison.
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| Comparison | OpenAI | Anthropic |
|---|---|---|
| Governance and ownership | OpenAI says its nonprofit Foundation controls OpenAI Group PBC. At the recapitalization closing described on its structure page, the Foundation held 26%, Microsoft roughly 27%, and employees and investors the remaining 47%. These are company-described figures at closing, not independently verified current holdings. | Anthropic’s May 28, 2026 funding announcement names investors and infrastructure partners but does not provide an equivalent comprehensive ownership and governance breakdown. |
| Funding and valuation | Associated Press reported on April 15, 2026 that OpenAI had raised $122 billion at a reported $852 billion valuation. This is a dated private-company funding valuation, not a public-market price. | Anthropic announced a $65 billion Series H at a $965 billion post-money valuation on May 28, 2026. These are private-round terms, not a public-market price. |
| Revenue information | Associated Press reported CFO Sarah Friar’s remarks that business customers accounted for about 40% of revenue in April 2026, compared with about 20% when she joined in 2024. Her expectation that the share would reach half by year-end 2026 was a forecast, not a reported result. | Anthropic said its run-rate revenue crossed $47 billion earlier in May 2026. A run rate is not audited annual revenue. |
| Scale and users | Associated Press reported more than 900 million weekly ChatGPT users and quoted Friar saying about 95% did not pay. These are reported company figures and remarks, not independently audited counts. | Not stated in Anthropic’s May 28, 2026 funding announcement as a directly comparable weekly user figure. |
| Profitability | Associated Press reported in April 2026 that OpenAI was losing more money than it made; the cited coverage does not provide comparable audited financial statements. | Associated Press reported in May 2026 that Anthropic was losing more money than it made; the cited coverage does not provide comparable audited financial statements. |
Because Anthropic’s round was announced later and its figure is explicitly post-money, the two valuations should not be treated as a simultaneous market-cap comparison. The available coverage also does not establish comparable audited financial statements for either company.
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OpenAI combines consumer products with business and developer offerings
OpenAI’s product range includes ChatGPT for consumers and businesses, as well as an API platform, according to its structure page. Associated Press described a stronger push toward business users and workplace AI agents. Friar’s reported revenue-share remarks point to that effort to convert broad use into more paid business demand, but they do not show whether that demand is profitable.
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The reported user figure and the estimate that about 95% of weekly users did not pay illustrate why reach and monetization are different measures. A large user base does not establish how much it costs to serve users or what margins the company earns.
Anthropic emphasizes Claude and workplace use
Anthropic’s May 28, 2026 announcement highlights Claude, Claude Code and Cowork, alongside enterprise adoption. It says Claude is available through Amazon Web Services (AWS), Google Cloud and Microsoft Azure. Those channels give customers multiple ways to access Claude, while also tying the company’s distribution and computing plans to major cloud partners.
These product descriptions establish different emphases, not a benchmark result. The available information does not establish that one company’s models or products are currently superior across tasks.
Governance and ownership affect what an investor would be buying
OpenAI describes a nonprofit-controlled public benefit corporation
OpenAI says it began as a nonprofit in 2015, created a for-profit subsidiary in 2019, and reorganized that structure on October 28, 2025. Its structure page describes the nonprofit as the OpenAI Foundation and the operating company as OpenAI Group PBC, a public benefit corporation. OpenAI says the Foundation retains control, appoints the Group board and can replace directors.
OpenAI also says the Group PBC must advance its stated mission and consider broader stakeholder interests. That is the company’s description of its governance obligations; public benefit corporation status does not remove commercial, execution or regulatory risks. For an investor, the Foundation’s control is relevant alongside the equity percentages: an ownership stake does not, on its own, explain who controls key decisions.
Anthropic’s funding announcement is not a matched governance disclosure
Anthropic’s Series H announcement lists investors and infrastructure partners, but it does not provide a comparable full breakdown of ownership, governance rights or control. The information available here therefore does not support a direct comparison of the companies’ investor rights or board influence.
Compute and cloud relationships are strategic assets and dependencies
Advanced AI requires substantial computing capacity. In Anthropic’s May 28, 2026 announcement, the company described large planned capacity agreements involving Amazon, Google and Broadcom, said AWS remained its primary cloud provider and training partner, and cited access to GPU capacity through SpaceX. These are company-described relationships and plans as of that date—not evidence that every planned resource was already available.
For Anthropic, cloud access can support distribution and training capacity, but the scale and timing of compute supply depend in part on partners. Associated Press coverage of OpenAI also highlighted compute costs. In both cases, funding and capacity commitments can support expansion; neither establishes that future revenue will cover the costs or produce durable margins.
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Capital needs and the path to profitability
Associated Press reported in April and May 2026 that both companies were losing more money than they made. The coverage does not provide a common set of audited accounts from which to compare losses, cash needs or margins. Large funding rounds and high reported run rates are not substitutes for those measures.
OpenAI’s reported emphasis on enterprise customers is one response to the challenge of monetization, but the year-end revenue-share expectation was a forecast. Anthropic’s reported run-rate figure is a company claim measured at a point in time, not proof of audited annual revenue or profitability.
Partner concentration and strategic entanglement
A U.S. Federal Trade Commission staff study examined the Microsoft–OpenAI, Amazon–Anthropic and Alphabet–Anthropic partnerships and investments. Staff discussed potential competitive advantages from cloud integration and access to sensitive technical or business information. The FTC said its findings drew on information available through September 2024 and public information through January 2025. These are staff-study findings with that evidence cutoff, not a later enforcement conclusion.
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Investors should consider both the benefits and the dependencies in cloud and investment ties: partners may provide capital, infrastructure or distribution, while those relationships can also shape access, bargaining power and competition.
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Competition and product execution
Associated Press described OpenAI’s business-oriented push amid competition from Anthropic and reported changes in product priorities. In a fast-moving market, customer adoption and product positioning can change; the cited information does not establish a durable competitive advantage for either company or current model rankings.
Legal and policy exposure
In its May 28, 2026 report, Associated Press described Anthropic’s dispute with the U.S. administration over military use of Claude and a supply-chain-risk designation, with litigation ongoing at the time. That report is a dated account; it does not establish the status of the dispute after May 2026.
Disclosure and governance limits
Both companies are private in the cited coverage. The available information does not establish public offering documents or comparable audited financial statements. OpenAI describes a mission-linked control structure, while Anthropic’s cited announcement does not supply enough detail for an equivalent ownership and governance comparison. Those gaps limit what an outside investor can verify from the figures discussed here.
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What to establish before treating either as an investment
A valuation attached to a private funding round is not the same thing as a price at which a retail investor can buy or sell shares. Before drawing an investment conclusion, distinguish the company’s operating prospects from the availability and terms of any actual investment.
Quick Recap
- Access: Determine whether there is a legitimate, accessible investment opportunity and what security it represents; do not assume a funding-round valuation creates one.
- Financial quality: Look for audited, comparable statements and clarify whether any revenue figure is audited annual revenue, a reported run rate or an executive estimate.
- Ownership and control: Establish the investor’s voting, board, transfer and other rights, as well as how those rights interact with company control structures.
- Execution and capacity: Assess whether planned computing resources, customer demand and product strategy can support sustainable economics rather than growth alone.
- Legal and policy status: Check developments after the dated reports cited here before relying on any description of an ongoing dispute or regulatory matter.
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