Update, 26 Oct: Anthropic’s S-1 shows the filed numbers.Anthropic’s S-1 reports net cash used in operating activities of $2,637 million in 2025 and net cash provided by operating activities of $3,929 million in the six months ended 30 June 2026. The operating loss for that half was $693 million, and the filing reports operating income of $1.0 billion for the three months ended 30 June 2026. More: the adjusted-profit piece.
Contract structures: Committed capacity discounting that enterprises prefer
Product strategy: Claude Code and Cowork designed for production workflows
Sales focus: Dedicated enterprise motion without consumer distraction
Meanwhile, OpenAI’s enterprise approach has been confused by consumer-first feature cadence.
The Numbers Comparison
Metric
OpenAI
Anthropic
2025 Cash Burn
~$8.5B
~$2.5B
2028 Operating Loss
$74B
Break-even
Revenue Per User
~$25/weekly
~$211/monthly (8x)
Break-Even Timeline
2029-30
2028
The underlying mechanic: Enterprise buyers care about reliability, compliance, and vendor focus. Every consumer feature OpenAI ships signals to enterprise procurement that this is a consumer company selling to businesses on the side.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
