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. Its first quarter as a listed company, filed 4 August, reported $7.81B of revenue: 92% more than a year earlier, and $31.3B annualized against $18.8B for Q1. Compute is most of the difference — AI Solutions and Infrastructure went from $311M a year ago to $2.19B. Anthropic reached full rate in July and Reflection began on 1 July, taking the contracted rate to about $39.3B; Google starts on 1 October and lifts it to roughly $50.3B. Both labs still passed SpaceX on the way — OpenAI at the end of 2025, Anthropic in March 2026 — and Anthropic is 1.9x its size today. Musk has guided to a $100B run-rate by December, which needs a December revenue month of about $8.3B against the $2.6B a month SpaceX averaged in Q2.

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.