Anthropic's reported run rate reached $65 billion at the end of July. OpenAI's topped $40 billion two weeks later12. Add them up and the two AI labs claim $105 billion in yearly pace.
TCS and Infosys booked barely half that pace for the fiscal year that just closed34. The two Indian firms employ more than a million people and have filed audited numbers for decades. Reporters leak the labs' figures from private briefings instead. Read side by side, the four figures show one industry sprinting and the other standing its ground.
Two Labs Claim $105 Billion in Pace
Bloomberg broke the Anthropic number first. The company's annualized run rate crossed $65 billion by the end of July. It had climbed from $9 billion at the close of 2025, through $47 billion in May1.
Anthropic announced the May milestone itself. "Earlier this month, our run-rate revenue crossed $47 billion," the company posted, crediting organizations across many industries for deploying its Claude models in daily operations12.
Anthropic@AnthropicAIEarlier this month, our run-rate revenue crossed $47 billion.
This growth has been driven by organizations across many industries deploying Claude in their core operations, and by a growing number of people using it for their everyday work.
Read more: https://t.co/V1fdqOxQdY
OpenAI moved on a similar clock. Its own run rate topped $40 billion by mid-August, doubling its pace from the end of 2025. Chief financial officer Sarah Friar had put that earlier figure above $20 billion2.
President Greg Brockman told staff the monthly pace grew more than 20 percent in July alone. Coding tools, subscriptions and an early advertising business pushed that growth.
Put the two together and the labs claim $105 billion. The combined figure has yet to close a single audited quarter.
Anthropic's Reported Run Rate Grows Sevenfold to $65 Billion
Anthropic's and OpenAI's own reported annualized run rate, at each date disclosed, December 2025 to August 2026
Each line follows one lab's own disclosed run rate. A dot marks each date a figure was reported; OpenAI's 2025 dot is lighter because the company named only a floor, short of an exact count.
OpenAI's end-of-2025 dot is an estimate: the company named only a floor, "more than $20 billion," short of an exact count.
Sources: Yahoo Finance [1]; Yahoo Finance [2]; Anthropic on X [12]. Chart by Ryan Elliott Dennis.
The numbers behind this chart
| Period | Anthropic | OpenAI |
|---|---|---|
| Dec. 2025 | $9B | |
| Late 2025 (estimate) | $20B | |
| May 2026 | $47B | |
| Jul. 2026 | $65B | |
| Aug. 2026 | $40B |
The Books Already Closed for TCS and Infosys
TCS finished its fiscal year on March 31, with $30.02 billion in revenue. That marked a 0.5 percent dip in dollar terms from the year before3. The earnings call days later called that dip steady work for a mature business.
Infosys closed the same fiscal year with $20.16 billion, up 4.6 percent4. Chief executive Salil Parekh credited fresh deal signings for the gain. "We delivered a resilient performance in FY 26 with growth of 3.1% with strong large deal wins of $14.9 billion, reflecting the robustness of our enterprise AI value proposition and market share gains in large transformation opportunities," Parekh said.
TCS and Infosys together booked $50.18 billion. The combined sum is audited, filed with regulators and already spent. Anthropic's and OpenAI's combined $105 billion remains a projection of the next twelve months.
Anthropic and OpenAI's $105 Billion Run Rate Trails the Big Four's Books
AI labs' reported run rate against four incumbents' latest audited annual revenue, in billions of dollars
Magenta bars are the two AI labs' reported run rates. Gray bars are each incumbent's own booked revenue, audited for a full fiscal year already closed.
A run rate annualizes a recent short stretch; the four incumbent bars are each a full fiscal year of revenue already booked and audited.
Sources: Yahoo Finance [1]; Yahoo Finance [2]; Investing.com [3]; SEC EDGAR [4]; Deloitte Global [5]; Accounting Today [6]; EY Global Newsroom [7]; KPMG International [8]; Above the Law [11]. Chart by Ryan Elliott Dennis.
The numbers behind this chart
| Item | Value |
|---|---|
| Big Four firms combined | $220.4B |
| Anthropic | $65.0B |
| OpenAI | $40.0B |
| TCS | $30.0B |
| Top 200 U.S. law firms | $29.4B |
| Infosys | $20.2B |
TCS's Chief Says the Work Keeps Growing
K. Krithivasan runs TCS, and he pushed back on the idea that AI shrinks his business. Speaking at the India AI Impact Summit on Feb. 18, he offered a direct answer. "There is no need to panic. Every time there is a disruption, the work expands," Krithivasan said10.
Krithivasan pointed to new demand created by AI buildouts themselves. Heavy spending on data centers and AI systems triggers fresh integration work, he said, naming "almost $200 billion of services opportunities" opening around that capital spending10. His own firm still cut about 12,200 jobs this fiscal year, even while its chief argued the overall pie keeps growing.
The Big Four and America's Law Firms Dwarf Both Labs
Deloitte, PwC, EY and KPMG booked $220.4 billion combined in their latest fiscal years. The four firms together make more than double Anthropic's and OpenAI's combined run rate5678. By itself, Deloitte made $70.5 billion, topping Anthropic's reported pace alone.
Joe Ucuzoglu leads that firm globally, and he described the demand behind the number. "Clients around the world are placing their trust in Deloitte to navigate an unprecedented level of complexity and change," Ucuzoglu said5.
America's 200 biggest law firms, tracked each year in the Am Law 200, booked $29.44 billion combined in 2025, up 6 percent11. The Am Law 200's total sits below OpenAI's reported run rate alone, and barely above Infosys's full year.
Forrester Says the Gains Will Land Unevenly
Craig Le Clair studies the services business for Forrester, and his research backs the disruption case. "Every technology and service market is facing an AI overhaul. Our research shows that AI's benefits will not be distributed evenly across technology markets," Le Clair said9. Forrester's own research names application development, software tooling and outsourced business process work as the most exposed corners of IT services.
Krithivasan's answer and Le Clair's warning point in different directions. One says the work expands as AI spreads. The other says AI's gains concentrate, so some service lines lose ground while others gain.
The numbers reported this year favor Le Clair's reading. Both labs grew faster than the IT firms did. Yet TCS's and Infosys's own filings still show revenue growing, short of a collapse.
What to do
Check whether a number is a run rate or a booked year before you repeat it in a budget memo. A run rate multiplies a recent month, while TCS's and Infosys's filings close a full twelve months under audit.
Judge a lab's claimed pace against a close peer's own filing, rather than its prior quarter alone. Anthropic's $65 billion looks largest beside OpenAI, but it still trails Deloitte's booked $70.5 billion.
Watch the IPO filings both labs have signaled. A prospectus turns a leaked run rate into a number regulators can check.
By the numbers
- Anthropic's own reported run rate hit $65 billion at the end of July 20261.
- OpenAI's own reported run rate hit $40 billion by mid-August 20262.
- TCS booked $30.02 billion in revenue for the fiscal year that ended March 31, 2026, down 0.5 percent3.
- Infosys booked $20.16 billion in revenue for the same fiscal year, up 4.6 percent4.
- Deloitte, PwC, EY and KPMG booked $220.4 billion combined in fiscal 20255678.
- The Am Law 200, the largest 200 U.S. law firms, booked $29.44 billion combined in 202511.
- Anthropic's own run rate stood at $9 billion at the end of 2025, before its sevenfold climb1.
- TCS cut about 12,200 jobs this fiscal year, even as its chief argued AI expands the work10.
What to watch
Watch Anthropic's and OpenAI's own IPO filings for whether a reported run rate becomes an audited revenue line. TCS's and Infosys's coming quarters will show if AI-linked work actually trims their bookings or just their headcount. A Big Four firm's next annual count will show whether accounting and advisory work keeps growing. Any growth there matters even as each firm sells AI tools to its own staff.
Sources
- Vlad Schepkov, "Anthropic revenue run rate passed $65 billion in July - report," Yahoo Finance, Aug. 17, 2026, https://finance.yahoo.com/technology/ai/articles/anthropic-revenue-run-rate-passed-202529445.html
- Cris Tolomia, "OpenAI annualized revenue tops $40 billion ahead of IPO," Yahoo Finance, Aug. 14, 2026, https://finance.yahoo.com/technology/ai/articles/openai-annualized-revenue-tops-40-111122841.html
- Investing.com Staff, "Earnings call transcript: TCS Q4 2026 shows strong growth, stock rises 1.16%," Investing.com, April 9, 2026, https://www.investing.com/news/transcripts/earnings-call-transcript-tcs-q4-2026-shows-strong-growth-stock-rises-116-93CH-4606093
- Infosys Limited, "Form 6-K, fourth-quarter and full-year results for the year ended March 31, 2026," SEC EDGAR, April 23, 2026, https://www.sec.gov/Archives/edgar/data/0001067491/000106749126000018/exv99w01.htm
- Deloitte Global, "Deloitte reports FY2025 revenue," Deloitte Global, Sept. 30, 2025, https://www.deloitte.com/global/en/about/press-room/global-revenue-announcement-2025.html
- Daniel Hood, "PwC global revenue grows to $56.9B," Accounting Today, Oct. 28, 2025, https://www.accountingtoday.com/news/pwc-global-revenue-grows-to-56-9b
- EY Global, "EY announces global revenue of US$53.2b for fiscal year 2025," EY Global Newsroom, Oct. 15, 2025, https://www.ey.com/en_gl/newsroom/2025/10/ey-announces-global-revenue-of-us-53-2b-for-fiscal-year-2025
- KPMG International, "KPMG delivers 5.1% rise in global revenue," KPMG International, Dec. 16, 2025, https://kpmg.com/xx/en/media/press-releases/2025/12/kpmg-delivers-rise-in-global-revenue.html
- Thomas Claburn, "Software development and tech services in the cross-hairs as AI marches on," The Register, Aug. 20, 2026, https://www.theregister.com/ai-and-ml/2026/08/20/software-development-and-tech-services-in-the-cross-hairs-as-ai-marches-on/5289668
- Angel One News Desk, "'No Need to Panic': TCS CEO Says AI Will Add Roles and Workloads, Not Job Cuts," Angel One, Feb. 18, 2026, https://www.angelone.in/news/stocks/no-need-to-panic-tcs-ceo-says-ai-will-add-roles-and-workloads-not-job-cuts
- Staci Zaretsky, "The 2025 Am Law 200: Biglaw's Second Hundred Firms Bask in Financial Success," Above the Law, May 5, 2026, https://abovethelaw.com/2026/05/the-am-law-200-biglaws-second-hundred-firms-bask-in-financial-success-with-strong-metrics-across-the-board/
- Anthropic (@AnthropicAI), "Earlier this month, our run-rate revenue crossed $47 billion.", X, May 28, 2026, https://x.com/AnthropicAI/status/2060061348818518493
