The combined annualized revenue of OpenAI, Anthropic and other leading AI labs. Annualized revenue is calculated as Revenue for a given time period x Number of Periods in a Year.
Hyperscalers are spending unprecedented sums on capital expenditure, betting that the AI labs will be able to pay for the compute they provide. Continued revenue growth supports that bet, and as such is a good metric to follow the health of the ecosystem.
- Total across top AI labs
- OpenAI
- Anthropic
- Initial Q4 '26 targets for OpenAI (beaten 6 months in advance)
- Initial Q4 '26 targets for Anthropic (beaten 1 year in advance)
- OpenAI's current projections
- Anthropic's current projections
Sources
Source: Data on AI companies, Epoch AI, accessed 7 Oct 2026, licensed under CC BY 4.0.
Targets and projections: Reuters (15 Oct 2025); Exponential View (6 Nov 2025); Financial Times / The Irish Times (14 Sept 2026); Tomasz Tunguz / Theory Ventures (29 Sept 2026).