AI BriefingOpenAI-Anthropic Revenue Accounting Method Dispute
Key point
OpenAI has claimed that Anthropic's revenue was overstated through cloud reseller transactions, sparking an accounting methodology controversy.
Details
OpenAI's CRO Denise Dresser claimed via an internal memo that Anthropic's annual run rate was overstated by approximately $8 billion. This is pointed out to be because cloud reseller transactions were accounted for on a Gross basis.
In response, Anthropic is pushing back, arguing that AWS and Google Cloud should be regarded as Principals rather than simple distribution channels.
The core of this controversy is as follows:
- Accounting standard uncertainty: Regarding what accounting treatment should apply to AI platform companies that deploy services through hyperscaler channels, the SEC (U.S. Securities and Exchange Commission)'s judgment is expected to become the industry standard going forward.
- Valuation gap: Valuations also diverge between the two companies in the secondary market. For Anthropic, buy-side demand overwhelms supply, while OpenAI is trading at a discount due to financial uncertainty related to preparations for its 2026 IPO.
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