Anthropic and OpenAI' may dominate the same AI conversation, but their businesses differ. Executive Director of Tactical Products Inkoo Kang breaks down what investors should know ahead of Anthropic's IPO.

Video Transcript:

If you think Anthropic and OpenAI are basically the same investment story, you might want to take a bit of a closer look.

Anthropic’s reported IPO valuation is up to $2 trillion, while OpenAI is up to $1 trillion. So what could justify that kind of gap?

Let's talk about it.

About 80% of Anthropic’s revenue comes from enterprise customers. For OpenAI, it's closer to 40%.

That matters because enterprise customers tend to be a bit stickier. Once an AI model is built into company workflows, switching providers can mean new testing, employee training, and security reviews.

Then there's the growth.

Anthropic’s annualized revenue run rate topped $65 billion recently, compared to roughly $9 billion at the end of 2025, while OpenAI has reported $40 billion, compared to $20 billion over the same time horizon.

These strengths, in particular, may help explain the excitement around Anthropic.

For investors, the next question is whether they can translate all of that top-line growth into recurring revenue, durable customer relationships, and sustainable economics.