Claude vs ChatGPT: The Financial Gap Is Getting Wilder Than Anyone Expected

[The IPO race in the AI space has flipped completely out of nowhere. ](https://www.moomoo.com/news/post/76310294?global_content=%7B"promote_content":"11067213","promote_id":20795,"promote_type":43,"sub_promote_id":1%7D)Anthropic is gearing up for a late-2026 IPO eyeing a $2T valuation, with Nvidia circling to drop up to $10B as an anchor investor, while OpenAI has fully ruled out a 2026 IPO and is floating preliminary talks for another private round around a $1.2T tag.

The revenue momentum shift is insane: Anthropic pulled in over $11.5B in Q2, blew past a $65B annualized run rate by July, and even posted positive adjusted operating income last quarter. OpenAI, meanwhile, only hit $6.7B in Q2 with a $40B run rate now, and its Q2 operating loss ballooned to $12.3B — nearly double what it made in revenue that quarter.

That 80%+ gross margin number Anthropic is touting has a big asterisk though, since it strips out revenue sharing payments for partners like Amazon and model training costs. Even so, the underlying product economics are looking sharp, and the similar \~30x revenue multiples for both players make this one of the most interesting valuation plays in frontier AI right now. Who are you more bulled up on here?