Anthropic has achieved an annualized revenue run rate of $30 billion, surpassing OpenAI in revenue for the first time. This significant growth, primarily driven by API calls and enterprise subscriptions, is largely attributed to a few major hyperscaler and coding tool vendor contracts. The revenue model involves indirect billing through developer tools, where end-users pay inflated prices for services that utilize Anthropic's models. AI
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IMPACT Confirms the massive indirect revenue streams powering frontier model labs via developer tools.
RANK_REASON Company revenue milestone and analysis of its drivers. [lever_c_demoted from significant: ic=1 ai=0.7]