Anthropic’s annualized revenue reached $74.3B on July 22 — the last company-confirmed figure was $47B in mid-May. OpenAI’s last reported run-rate was $25B in February; it stalled through the spring after missing internal targets, then re-accelerated to $41.3B by July 22, about +$4B a month since May. The gap still widened all year: Anthropic now leads by ~$33B (1.8x).

SpaceX — the consolidated business, Starlink and launch plus xAI, one company since the February merger — was the biggest of the three for most of this chart. It filed $4.69B of Q1 revenue ($18.8B annualized), but Q1 closed before a single compute contract started. Anthropic reached full rate in July and Reflection began on 1 July, taking the contracted rate to about $35.6B; Google starts on 1 October and lifts it to roughly $46.6B. Both labs still passed it on the way — OpenAI at the end of 2025, Anthropic in March 2026 — and Anthropic is 2.1x its size today. The caveat matters: reported trailing revenue is only $19.3B, and none of that compute is committed backlog.

The inflection traces to Claude Code, launched May 2025. Before it, Anthropic was adding a few hundred million dollars of ARR a month. Claude Code became the company’s fastest-ever product to $1B ARR (November 2025), passed a confirmed $2.5B in February 2026, and was estimated near $8B by May — it cracked open enterprise coding and agent spend, and Anthropic’s total net-new peaked at +$23B in June. OpenAI stalled near $25B in the spring on missed internal targets before re-accelerating to ~$4B a month this summer — still about a fifth of Anthropic’s June pace.