The business of AI: OpenAI’s revenue growth, Anthropic’s enterprise push, and infrastructure spending

Hello,

AI companies are now facing the next challenge: turning rapid adoption into sustainable businesses.

From OpenAI's efforts to monetize ChatGPT to the infrastructure startups helping drive the AI boom, The Information has been first to break many of the stories shaping how companies plan to make money from AI. Subscribe now and save 25% on your first year to stay ahead.

AI monetization

OpenAI is generating about $25 billion in annualized revenue as businesses adopt its models. But turning ChatGPT into a shopping platform has proven difficult. The company is scaling back its "Instant Checkout" feature after conversion rates fell below 1% and merchant data proved difficult to standardize. Instead, purchases are shifting to third-party apps like Instacart that integrate with ChatGPT.

Enterprise AI

Anthropic recently surpassed $19 billion in annualized revenue, roughly double last year's level, helped by developer tools like Claude Code. The company is now discussing a consulting venture with private-equity firms including Blackstone and Hellman & Friedman to help portfolio companies deploy Claude across their operations.

AI Infrastructure and Defense

Startups building the technology behind new computing and defense systems are attracting large sums of capital. Cloud startup Together AI is in talks to raise about $1 billion at a $7.5 billion valuation after reaching roughly $1 billion in annualized revenue.

Defense startup Anduril expects revenue to double to about $4.3 billion this year, even as operating losses rise to roughly $1.2 billion, as it ramps spending ahead of major U.S. military contracts.

This isn't speculation. It's primary-source reporting that shows how the business of AI is actually unfolding—from revenue strategies to infrastructure spending. Subscribe for $399 $299 and save 25% on the first year and be the first to know.