Anthropic vs Google DeepMind: Revenue, Profit and Business Model
Anthropic reported $65B of revenue in FY2026 and — of net income. Google DeepMind reported ~$2B of revenue in FY2023 and — of net income.
Latest financial snapshot
Anthropic
- Latest revenue
- $65B (FY2026)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +1197.7% a year, FY2024–FY2026
Google DeepMind
- Latest revenue
- ~$2B (FY2023)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +22.8% a year, FY2020–FY2023
Financial summary
Anthropic
Anthropic's draft IPO prospectus, described by Reuters on September 28, 2026, shows 2025 revenue of $4.59 billion against $386 million in 2024, an operating loss of $8.06 billion (from $2.98 billion) and a GAAP net loss of $41.97 billion (from $8.31 billion). About $34 billion of that loss was a non-cash charge tied to convertible financing from Google and Amazon rather than cash burn. Operating expenses reached $12.65 billion, including $7.33 billion of compute and infrastructure, and the company ended 2025 with $20.28 billion of cash, cash equivalents and short-term investments. Growth since then has outpaced the annual accounts: run-rate revenue was $14 billion in February 2026, crossed $47 billion in May, reached about $65 billion in July, and second-quarter revenue of $11.5 billion came with the first positive adjusted operating income. Funding followed the same curve, from a $13 billion Series F at a $183 billion valuation in September 2025 to a $30 billion Series G at $380 billion in February 2026 and a $65 billion Series H at $965 billion in May 2026.
Google DeepMind
Alphabet does not report Google DeepMind separately. The best public data comes from DeepMind Technologies Limited's UK accounts, which show revenue, mostly R&D fees charged to other Alphabet companies, rising from ~$1.09 billion (£826 million) in 2020 to ~$1.8 billion (£1.365 billion) in 2021, dipping to ~$1.43 billion (£1.081 billion) in 2022 and reaching about $2.02 billion (£1.53 billion) in 2023, with pre-tax profit of ~$196 million (£148.4 million) that year. These numbers measure Alphabet's internal funding of the lab rather than the commercial value of Gemini, which Google earns through Search, subscriptions and Cloud.
Revenue and profit by year
Anthropic
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $65B | — | 0.0% | +1316.1% | Source |
| FY2025 | $4.6B | -$42B | -914.4% | +1089.1% | Source |
| FY2024 | $386M | -$8.3B | -2152.8% | — | Source |
Google DeepMind
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | ~$2B | — | 0.0% | +41.6% | Source |
| FY2022 | ~$1.4B | — | 0.0% | -20.8% | Source |
| FY2021 | ~$1.8B | — | 0.0% | +65.3% | Source |
| FY2020 | ~$1.1B | — | 0.0% | — | Source |
Where the revenue comes from
Anthropic
- Developer and enterprise API consumption
Token-billed access to the Claude models through the Claude Developer Platform, with prompt caching priced at $0.20 per million tokens on Claude Opus 5.5 to make long agent loops affordable. Anthropic does not publish a segment split; the two largest customers each accounted for about 12 percent of 2025 revenue.
- Agent products
Claude Code and Cowork are sold to individuals, teams and enterprises. Claude Code passed $1 billion of run-rate revenue in December 2025 and $2.5 billion by February 2026, when enterprises accounted for more than half of its revenue.
- Seat subscriptions
Claude Pro, Max, Team and Enterprise plans for individuals and organizations, including HIPAA-eligible enterprise deployments since January 2026.
- Cloud marketplace resale
Claude is sold through Amazon Bedrock, Google Cloud Vertex AI and Microsoft Azure Foundry, which lets customers spend committed cloud budget on Claude.
Google DeepMind
- R&D services to Alphabet companies
DeepMind Technologies Limited's reported revenue comes mainly from research and development services billed to other Alphabet group companies.
- Gemini in Google products (booked by Google)
Search ads supported by AI Overviews and AI Mode, Gemini app and Google One AI subscriptions, Workspace, and Gemini APIs on Google Cloud. Alphabet does not disclose how much of this is attributable to Google DeepMind.
Business model and strategy
Anthropic
How it makes money
Anthropic charges for Claude in four ways. Developers and enterprises pay per million tokens on the Claude API, where cache reads cost far less than fresh input ($0.20 per million against $4 on Claude Opus 5.5). Individuals and teams pay subscriptions across Claude Pro, Max, Team and Enterprise plans.
Growth strategy
Growth runs through three channels. First, agent products: Claude Code went from internal experiment to general availability in May 2025 and over $2.5 billion of run-rate revenue by February 2026, and Cowork extended the same engine to non-technical work in January 2026. Second, cloud co-selling, with Claude the only frontier model on Amazon Bedrock, Google Cloud Vertex AI and Microsoft Azure Foundry.
Competitive advantage
Anthropic leads on agentic coding and long-horizon tasks. Claude Opus 5.5, released September 22, 2026, tops Anthropic's published benchmark table on SWE-bench Pro (89.9 percent) and Terminal-Bench 4.0 (66.4 percent) while costing $4 per million input tokens and $20 per million output tokens, roughly 40 percent less to run than Opus 5.
Google DeepMind
How it makes money
Google DeepMind does not sell products under its own name. It is a cost center inside Alphabet that builds the models Google monetizes: Gemini powers AI Overviews and AI Mode in Search (supporting ad revenue), the Gemini app and Google One AI subscriptions, Gemini for Workspace, and pay-per-token Gemini APIs on Google AI Studio and Vertex AI in Google Cloud.
Growth strategy
The lab's priority is staying at the frontier with Gemini, including Gemini 3 and the Gemini 4 generation Hassabis mentioned in August 2026, while pushing Flash models and Gemma open models to developers. Under Koray Kavukcuoglu it is more tightly tied to Google's product teams, with Hassabis focusing on AGI strategy and Isomorphic Labs' drug discovery work.
Competitive advantage
Google DeepMind's main edge is the full Google stack around it: in-house TPU chips, Google Cloud, and distribution through Search, Android, YouTube and Workspace. It also has a deep research bench and a record of scientific results, from AlphaGo to the Nobel-winning AlphaFold, that few rivals can match.
Questions about Anthropic vs Google DeepMind
Which company has higher revenue — Anthropic PBC or Google DeepMind?
Anthropic PBC reported $65.0B (FY2026), while Google DeepMind reported ~$2B (FY2023). By last reported revenue, Anthropic PBC is the larger business, with Google DeepMind reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
Which is more financially efficient — Anthropic PBC or Google DeepMind?
Anthropic PBC generates $26.00M / employee in revenue per employee. A comparable figure for Google DeepMind requires matching employee and revenue data from the same reporting period.
How do Anthropic PBC and Google DeepMind make money?
Anthropic PBC and Google DeepMind generate revenue in fundamentally different ways. Anthropic PBC: Anthropic charges for Claude in four ways. Google DeepMind: Google DeepMind does not sell products under its own name.
Is Anthropic PBC bigger than Google DeepMind?
By last reported revenue, Anthropic PBC ($65.0B (FY2026)) is the larger company compared to Google DeepMind (~$2B (FY2023)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Anthropic vs Google DeepMind overview