OpenAI trailed Anthropic in quarterly revenue for the first time in Q2.
Its losses widened faster than its revenue grew.
Revenue up 18%, losses up 32%
According to a Wall Street Journal report on August 19, 2026, OpenAI's Q2 (April–June) revenue was $6.7 billion, up 18% from $5.7 billion in Q1.
See the Investing.com report citing the WSJ.
The problem is how fast losses are growing.
Operating loss, including stock-based compensation, rose from $9.3 billion in Q1 to $12.3 billion in Q2.
Losses grew about 32%, well ahead of the 18% revenue growth.
How did Anthropic double?
Over the same period, Anthropic's revenue reached $11.6 billion, more than double the previous quarter.
Both Fortune and PYMNTS pointed to this quarter as the first time Anthropic out-earned OpenAI.
With both companies preparing IPOs, the gap means more than a number.
Investors will judge both growth speed and how well each company manages losses.
| Metric | OpenAI | Anthropic |
|---|---|---|
| Q2 revenue | $6.7 billion | $11.6 billion |
| Quarter over quarter | +18% ($5.7B to $6.7B) | More than 2x |
| Operating loss (incl. stock-based comp) | $9.3B to $12.3B | Not officially disclosed |
How far can you trust private-company numbers?
Neither company is publicly traded, so neither is required to publish audited quarterly reports.
These figures come from investor briefings reported by the press and can't be confirmed against official investor-relations filings.
Not officially confirmed: The accounting basis (gross vs. net revenue, whether credit sales are included, and so on) hasn't been disclosed.
Keep in mind that companies preparing for an IPO have an incentive to present their numbers favorably.