OpenAI and Anthropic Combined Revenue Reportedly Hits $120 Billion, Topping Starbucks and McDonald's

Two AI Labs, One Big Number

Anthropic and OpenAI have reportedly surpassed Starbucks and McDonald's in annual revenue, reaching approximately $120 billion combined, according to an Axios report cited by Crypto Briefing. The report frames this as evidence of AI firms' growing dominance in the global market.

Anthropic's valuation reportedly reached $380 billion following recent funding rounds. OpenAI reportedly secured a valuation of $852 billion and is preparing for an IPO, according to the same reporting.

Valuations, Not Just Sales

The Axios report, as relayed by Crypto Briefing, frames this as a shifting landscape where technological advancements are propelling AI leaders into the upper echelons of business revenue and valuation metrics. Markets may closely track further announcements from Anthropic and OpenAI, particularly around strategic partnerships and new funding rounds. Developments such as Amazon or Google increasing their investments could align with higher valuation scenarios going forward.

OpenAI's upcoming IPO and its eventual valuation will reportedly be a significant focus, as it may signal broader market sentiment toward AI companies. Observers are also watching for shifts in market conditions that could affect AI valuations more broadly.

Where the Money's Coming From

Related coverage cited alongside the Axios report points to a wave of corporate investment underpinning these numbers. Amazon has invested $13 billion in Anthropic to help develop open-weight AI models. AMD has partnered with both Anthropic and OpenAI in a $5 billion push tied to new "Helios" computing systems. Cognizant has expanded its partnership with Anthropic to integrate Claude AI into its services.

That is a substantial amount of corporate and investor money flowing into AI infrastructure and enterprise deals — a different kind of revenue base than what Starbucks and McDonald's generate from everyday retail customers.

The Skeptics Have a Point Too

Not everyone is convinced this trajectory continues without interruption. Investor Steve Eisman, known for shorting subprime mortgages before the 2008 crash, reportedly sold his Alphabet stake and voiced concerns about AI market speculation. Separately, Asian markets including South Korea's KOSPI and Japan's Nikkei reportedly saw a tech selloff tied to broader AI anxiety.

When privately held companies claim valuations in the hundreds of billions, and those figures get compared against publicly traded companies with long operating histories, some caution is warranted. Funding-round valuations can move quickly in either direction.

What Happens Next

OpenAI's planned IPO is being watched as a key moment for the sector, according to the reporting. Whether Amazon, Google, or other backers deepen their investments in the meantime will likely shape how the $120 billion figure and the $852 billion and $380 billion valuations hold up as more information becomes available.