Anthropic’s Revenue Growth Suggests OpenAI Is Overvalued

The sooner Anthropic and OpenAI go public, the better—at least then we’d have proper financial disclosure. Both companies’ habit of updating the public on their revenue growth by references to either monthly revenue or annualized revenue, which is (loosely speaking) the last month’s revenue multiplied by 12, is getting old. And it’s not exactly what investors need to know.

Take Anthropic, which revealed Monday afternoon that it was now generating annualized revenue at a $30 billion rate, more than double where it was in mid-February. More significantly, that number implies Anthropic has now passed OpenAI, which a week ago said it was bringing in $2 billion a month in revenue (implicitly $24 billion in annualized revenue). And yet Anthropic raised money in February at a $380 billion valuation, while OpenAI last month finalized a fundraising at an $852 billion value. (For another angle on Anthropic, see our Dealmaker column tonight).