OpenAI made $5.7B in Q1. Anthropic made ~$4.7B.

But Anthropic's annualized revenue recently hit $45B. OpenAI's sits at $25B. The difference: annualized revenue extrapolates from the most recent month, and Anthropic's monthly revenue appears to have more than doubled between Q1 and now.

That means Anthropic's growth rate flipped the entire ranking sometime in Q2 - while also projecting its first operating profit (~$600M).

Meanwhile OpenAI is losing $1.22 for every dollar it earns, ChatGPT user growth has stalled below its 1B target, and it just raised $122B in new funding.

One company is getting profitable. The other is raising capital faster than it's growing users. The AI race isn't being won by whoever ships models first. It's being won by whoever figured out unit economics.