As Anthropic approaches profitability and OpenAI eyes an IPO, investors are confronting a bigger question about AI economics: enterprise revenue or consumer scale?

Cheaper AI models from Chinese and Western rivals are eroding OpenAI and Anthropic's pricing power, raising questions about their sky-high IPO valuations.

As Anthropic approaches profitability and OpenAI eyes an IPO, investors are confronting a bigger question about AI economics: enterprise revenue or consumer scale?

OpenAI beat Anthropic by $1B in Q1 revenue, but stalled user growth, losses, and Anthropic’s SpaceX deal complicate the AI IPO race.

OpenAI reported $5.7 billion in first-quarter revenue, leading Anthropic by $1 billion. However, Anthropic projects its second-quarter revenue to double to $11 billion with a $600…