Anthropic and OpenAI’s combined ARR tops $115B, closing in on Microsoft

Less than two years ago, Anthropic and OpenAI were burning through cash faster than they could raise it. Now their combined annual recurring revenue reportedly exceeds $115 billion, a figure that puts them in the same conversation as Microsoft’s roughly $150 billion annualized run rate in its Productivity and Business Processes segment. To put that in perspective, their combined revenue run rate now surpasses the trailing-12-month revenue of SAP, Salesforce, and Adobe combined. The numbers behind the surge Anthropic has been the more dramatic growth story of the two. The company’s ARR climbed from approximately $9 billion at the close of 2025 to $47 billion by mid-May 2026, according to data from TickerTrends and analyses from ARK Invest. By the end of July, estimates place Anthropic’s run rate somewhere between $65 billion and $75 billion. OpenAI’s ARR moved from an estimated $20 to $25 billion at the end of 2025 to around $40 to $41 billion by July 2026. Internal reports suggest the company hit monthly growth rates exceeding 20% in July alone. Anthropic closed a $65 billion Series H funding round in May 2026, landing at a post-money valuation of $965 billion. OpenAI raised $122 b...