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Epoch AI: OpenAI and Anthropic now book $105B combined, and their accounting standards are not comparable
Epoch's update puts OpenAI's run rate above $40B, up from $13B a year ago, and Anthropic's at $65B as of end of July, against Exponential View's ~$175B annualized estimate for the whole deduplicated generative AI industry as of June. The analytically useful part is the caveat: when tokens are bought through a cloud platform, OpenAI books only its cut while Anthropic books the full cost, which inflates Anthropic's reported figure relative to OpenAI's. Any head-to-head revenue comparison between the two that ignores this is measuring the wrong thing.
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