OpenAI’s annual recurring revenue is approaching $70 billion after its annualized revenue run rate grew more than 70% since the beginning of the third quarter, according to sources familiar with its financials who spoke to Axios. Business-to-business revenue more than doubled over the same period, while consumer revenue added in the third quarter exceeded the amount added throughout 2025. The expansion comes as OpenAI and Anthropic prepare for IPOs, which could give investors greater visibility into their revenue potential and heavy infrastructure spending. Anthropic’s revenue rose twelvefold to nearly $4.6 billion in 2025, according to an IPO prospectus seen by Reuters, before reaching an annualized total of about $65 billion in July and continuing to grow, figures reported by The New York Times and other outlets show. The prospectus also lists $518 billion in future cloud, computing and infrastructure obligations and warns that Anthropic’s technology could pose an existential risk to humanity. Axios said it could not immediately determine OpenAI’s expenses, leaving an important gap in assessing the relationship between its growth and spending.