Anthropic’s annualized revenue rose to about $65 billion in July from $47 billion in May, and the company expects Q3 to be profitable using the same accounting model it used to report a profitable Q2. Despite this growth, its pricier headline model, Fable 5, has captured a relatively small share of billed usage compared with older, lower‑cost models.
Source and measurement
- The financial figures and claims are reported by the Financial Times and attributed to “people with knowledge of the matter.”
- The Ramp AI index is cited as an independent estimate of model adoption; it derives its figures from billing data of roughly 70,000 companies that use Ramp credit cards.
Revenue and customer figures
- Anthropic annualized revenue: about $65 billion in July, up from $47 billion in May.
- Anthropic expects Q3 to be profitable according to the same model it used to declare Q2 profitable.
- Anthropic told investors it has 6,000 customers that spend $100,000 or more annually.
- OpenAI’s annualized revenue rose about 35% so far in the quarter to over $40 billion, aided by the July launch of GPT‑5.6.
Model spend breakdown (Ramp AI index, July 2026)
Based on Ramp’s billing data, Anthropic model spending in July 2026 was distributed as follows:
- Opus 4.8: 28.0%
- Sonnet 4.6: 8.3%
- Fable 5: 8.0%
- Opus 4.6: 6.9%
- Sonnet 5: 3.6%
- Opus 5: 3.5% (Opus 5 was released on July 24, 2026)
- Opus 4.7: 1.7%
- Sonnet 4.5: 1.3%
- Haiku 4.5: 1.0%
- Opus 4.5: 0.7%
The distribution suggests that many customers continued to use earlier Opus and Sonnet variants while the more expensive Fable 5 captured a modest portion of billed spending.
Why this matters
- Cost sensitivity: For enterprise customers, price remains a key determinant of which large language models they adopt. Higher cost does not guarantee rapid uptake.
- Market momentum: OpenAI’s revenue bump following GPT‑5.6’s launch demonstrates how product updates can quickly affect financials.
- Measurement approach: Using billing data from a wide base of companies gives Ramp’s index practical insight into commercial usage patterns beyond vendor announcements.
Takeaway
Anthropic is showing significant revenue growth on an annualized basis and projects continued profitability for Q3. However, billing‑based adoption metrics indicate that the firm’s pricier, headline models have not yet displaced older, cheaper options in day‑to‑day commercial use—an important factor for strategy on pricing and model rollout going forward.
