Frontier lab revenue
What the frontier labs earn from subscriptions and API use.
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Facts
- Lane
- Capital and talent
- Wave
- 5 of 12 (build order, not a date)
- Needs
- 8 boxes all the way back through hard links
- Unlocks
- 1 boxes downstream through hard links
- Leverage
- None: already built
- Cluster
- Around datacentre capex
- When
- Here since 2023
Evidence as of October 2026
Epoch AI estimates OpenAI and Anthropic’s combined run rate rose from about $30bn at the start of 2026 to about $105bn by August.
Watch
Combined run rate of OpenAI and Anthropic: about $105bn in August 2026.
Timeline note
Frontier labs earned subscription and API revenue from 2023; OpenAI and Anthropic’s combined run rate reached about $105bn by August 2026.
Detail boxes 1
Concentrated enterprise AI demand
A few heavy customers account for most AI spending.
In Ramp’s data, 1% of customers account for about 80% of OpenAI and Anthropic spend.
Around it
Unlocks · 1