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Anthropic told investors it expects $10.9 billion in Q2 revenue — up 130% from Q1's $4.8 billion — and is projecting its first operating profit ever at roughly $559 million. Claude Code, which crossed $1B in annualized revenue within six months of launch, is the primary growth engine, and 4% of all public GitHub commits are now authored by Claude Code.
OpenAI filed its confidential S-1 with the SEC on Friday, working with Goldman Sachs and Morgan Stanley. The company is targeting a September 2026 public listing at a valuation between $852 billion and $1 trillion. Revenue is running at roughly $2 billion per month, though operating margins remain deeply negative at -122%.
Ramp's May AI Index shows Anthropic now holds 34.4% of paid AI business subscriptions versus OpenAI's 32.3% — the first time Anthropic has led. In just twelve months, Anthropic quadrupled business adoption while OpenAI's grew only 0.3%. The company has also surpassed $30B ARR, a 30x jump in 15 months.
OpenAI co-founder and former Tesla Autopilot chief Andrej Karpathy announced he's joining Anthropic to work on pre-training under team lead Nick Joseph. He'll help launch a new team focused on using Claude itself to accelerate pretraining research — a signal of Anthropic's ambitions to use recursive self-improvement in model development.
SpaceX's IPO prospectus, filed May 20, disclosed that Anthropic is paying Elon Musk's xAI $1.25 billion every month through May 2029 for GPU access at the Colossus data center clusters in Memphis — a deal worth roughly $45 billion total. The contract includes a 90-day termination clause for either side.
The White House pulled its AI executive order on May 21, which would have invited AI companies to voluntarily give the government early access to test frontier models before release. Trump said he "didn't like certain aspects." Reports indicate Musk, Zuckerberg, and AI czar David Sacks all lobbied against it, with Trump reportedly reluctant to impose any regulation that might slow the US lead over China.
Developer routing platform OpenRouter reports that Chinese AI models — led by DeepSeek and Kimi — now account for over 60% of all usage, up from just 1% in 2024. Cost is the driving factor: a standard evaluation run costs $1,071 on DeepSeek versus $4,811 on Claude, raising questions about pricing power for US labs heading into IPO season.
Google debuted Gemini Spark, a 24/7 cloud-based personal AI agent powered by Gemini 3.5 Flash, priced at $100/month via the AI Ultra subscription. Spark runs continuously in the background, natively integrating with Gmail, Docs, and Workspace, plus MCP connections to Canva, OpenTable, and Instacart. Google also announced AI-powered search agents rolling out across 200 countries and 98 languages.
Meta laid off approximately 8,000 employees — roughly 10% of its workforce — with another 7,000 being reassigned to newly created AI-focused teams including Applied AI Engineering and an Agent Transformation Accelerator. This is Meta's biggest restructuring since Zuckerberg's "Year of Efficiency," and leaked audio revealed he described training AI models on employee work before announcing the cuts. More layoffs are expected in August.
A nine-member federal jury unanimously ruled that Elon Musk waited too long to sue OpenAI and Sam Altman, dismissing the case on statute-of-limitations grounds without reaching the merits. The case had sought up to $150 billion in damages. Musk called it a "calendar technicality" and vowed to appeal.
