Anthropic Revenue Hits $65bn as Fable Model Fails to Gain Traction

Update (9 Nov 2026): Claude Fable 5.2 and Mythos 5.2 are out - prices, access and benchmarks are in my Claude Fable 5.2 guide.

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Anthropic’s annualised revenue reached $65bn in July 2026, up from $47bn in May, according to people with knowledge of the matter cited by the Financial Times - and the company told investors it now has 6,000 customers spending $100,000 or more annually. Anthropic also expects its third quarter to be profitable, using the same accounting basis under which it declared Q2 profitable.

Despite the overall revenue growth, its newest flagship model is struggling to convert users. Data from the Ramp AI index, which draws on billing records from 70,000 companies, shows that Fable 5 accounted for just 8.0% of Anthropic model spend in July 2026. Opus 4.8 led the field at 28.0%, with Sonnet 4.6 at 8.3% edging Fable 5 into third place. Opus 5, released on July 24th, had reached only 3.5% by month’s end. Cost is cited as a likely reason for Fable’s limited uptake.

OpenAI, meanwhile, reported annualised revenue above $40bn, a 35% jump in the quarter to date, driven largely by the July launch of GPT 5.6 after what the FT described as a sluggish start to the year.

// read moreAnthropic’s annualized revenue hits $65B, tripling since JanuaryMagazineAI Developers Reconsider as Claude Fable’s Cost Outweighs GainsNewsAnthropic investors eye $2T IPO valuation as revenue races to $120BMagazine

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