OpenAI Claims Anthropic Inflated Revenue by $8 Billion
OpenAI has raised concerns about rival Anthropic and its reported revenue figures. Specifically, an internal memo from chief revenue officer Denise Dresser alleges that Anthropic inflated its annualized revenue run rate by about $8 billion.
According to the memo, Anthropic’s widely cited $30 billion figure may actually sit closer to $22 billion. Furthermore, Dresser pointed to accounting practices that include revenue-sharing arrangements with cloud providers. “Their stated run rate is inflated,” Dresser wrote. “They use accounting treatment that makes revenue look bigger than it is, including grossing up rev share with Amazon and Google.”
Accounting Methods and Industry Implications
The dispute largely centers on how each company reports revenue from cloud partnerships. On one hand, Anthropic records the full amount billed through platforms like AWS, Azure, and Google Cloud as top-line revenue. On the other hand, OpenAI reports revenue from Microsoft Azure on a net basis, deducting the partner’s share.
Although both approaches comply with U.S. GAAP standards, the distinction could influence investor perception. Therefore, the issue may become more significant as both companies prepare for potential public offerings. “We report Microsoft revshare net, which is more in line with standards we would be held to as a public company,” Dresser wrote.
Competitive Tensions and Strategic Shift
Beyond accounting differences, the memo also criticizes Anthropic’s broader strategy. For instance, Dresser argued that the company relies on restrictive positioning and has underinvested in computing capacity. As a result, she suggested this may affect product performance, including throttling and uptime reliability. “Their story is built on fear, restriction, and the idea that a small group of elites should control AI,” the memo states.
At the same time, the memo highlights a shift in cloud strategy. While the longstanding partnership with Microsoft remains important, OpenAI increasingly aligns with Amazon and its AI ecosystem. In fact, Dresser noted that enterprise demand has surged following the new collaboration. “Our Microsoft partnership has been foundational to our success. But it has also limited our ability to meet enterprises where they are — for many that’s Bedrock,” she wrote. “Since the $50 billion Amazon deal was announced in late February, inbound enterprise demand ‘has been frankly staggering’.”
Meanwhile, competition between the two companies continues to intensify. Market data suggests a close race in enterprise adoption, and both firms appear to be moving toward public listings. Consequently, the debate over revenue reporting may ultimately shape how investors evaluate their growth stories
