OpenAI crossed $25 billion in annualized revenue at end of February 2026 (up 17% from $21.4B at year-end 2025), while Anthropic approaches $19B. OpenAI has retained Cooley and Wachtell Lipton to lead IPO preparations targeting near-$1 trillion valuation — which would surpass Saudi Aramco's record $25.6B raise. Both companies remain unprofitable; OpenAI does not expect to break even until 2030.