Anthropic vs ElevenLabs: Revenue, Profit and Business Model
Anthropic had $4.6B of annual revenue in FY2025 and a net loss of $42B. A full-year revenue figure is unavailable here for ElevenLabs.
Latest financial snapshot
Anthropic
- Latest annual revenue
- $4.6B (FY2025)
- Net income
- -$42B
- Net margin
- -915.3%
- Revenue growth
- +1087.8% a year, FY2024–FY2025
ElevenLabs
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Financial summary
Anthropic
Anthropic's Form S-1, publicly filed with the SEC on October 26, 2026, reports $4.585 billion of revenue in 2025 against $386 million in 2024, an $8.060 billion operating loss (from $2.980 billion) and a $41.965 billion GAAP net loss (from $8.309 billion). About $34 billion of the 2025 net loss was a non-cash charge tied to convertible financing, rather than cash spent. Operating expenses reached $12.645 billion, including $7.326 billion of compute and infrastructure. For the six months ended June 30, 2026, the unaudited interim statements report $16.286 billion of revenue versus $1.163 billion for the same six months of 2025, and an $80.748 billion GAAP net loss. The operating loss narrowed to $693 million from $2.135 billion in the comparable 2025 period, while a $72.388 billion non-cash fair-value change in convertible financing drove much of the GAAP net loss. These half-year figures must not be read as full-year revenue or a cash loss. Anthropic also reported second-quarter 2026 revenue of $11.555 billion. Separately, the company told investors its annualized run-rate revenue was about $65 billion in July 2026; a run-rate is neither the filed half-year result nor an audited annual result. Its May 2026 Series H raised $65 billion at a $965 billion post-money valuation.
ElevenLabs
ElevenLabs is private and does not publish audited accounts; its figures come from company announcements and press reports. ARR was above $330 million at the end of 2025 and above $500 million by April 2026, and reports around the September 2026 tender put it near $600 million. Funding milestones: $80 million Series B at $1.1 billion (January 2024), $180 million Series C at $3.3 billion (January 2025), a $6.6 billion secondary sale in 2025, a $500 million Series D at $11 billion led by Sequoia (February 2026), and a $300 million employee tender at $22 billion (September 2026). ElevenLabs is one of the fastest-growing AI voice technology startups, achieving unicorn status with a private valuation of approximately $1.1 billion.
Revenue and profit by year
Anthropic
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 run-rate | $65B | — | — | — | Source |
| FY2025 | $4.6B | -$42B | -915.3% | +1087.8% | Source |
| FY2024 | $386M | -$8.3B | -2152.6% | — | Source |
ElevenLabs
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 run-rate | $500M | — | — | — | Source |
| FY2025 run-rate | $330M | — | — | — | Source |
| FY2024 run-rate | $90M | — | — | — | Source |
Where the revenue comes from
Anthropic
- Developer and enterprise API consumption
Not formally reported
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
Not formally reported
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
Not formally reported
Claude Pro, Max, Team and Enterprise plans for individuals and organizations, including HIPAA-eligible enterprise deployments since January 2026.
- Cloud marketplace resale
Not formally reported
Claude is sold through Amazon Bedrock, Google Cloud Vertex AI and Microsoft Azure Foundry, which lets customers spend committed cloud budget on Claude.
ElevenLabs
No segment breakdown is published.
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.
ElevenLabs
How it makes money
ElevenLabs makes money in two ways. First, self-serve subscriptions: creators, podcasters, authors and small businesses pay monthly plans (from a free tier up to Business plans) that include a quota of generated characters or minutes.
Growth strategy
Growth comes from three directions: moving from creator subscriptions to large enterprise voice-agent deployments in customer support and telephony; adding adjacent audio products (Scribe speech-to-text, Eleven Music, sound effects, dubbing); and expanding internationally, including new hubs announced with the Series D such as Bengaluru.
Competitive advantage
ElevenLabs' edge is audio quality and breadth. Its models (including Eleven v3, released in 2025) are widely regarded as among the most expressive speech generators, and it offers one platform covering text-to-speech, cloning, dubbing, transcription, sound effects, music and agents.
Questions about Anthropic vs ElevenLabs
Which company has higher revenue — Anthropic PBC or ElevenLabs?
Anthropic PBC had $4.6B (FY2025). A comparable annual revenue figure for ElevenLabs was unavailable here.
How does revenue per employee compare for Anthropic PBC and ElevenLabs?
Anthropic PBC generates $1.83M / employee in revenue per employee. A comparable figure for ElevenLabs requires matching employee and revenue data from the same reporting period.
How do Anthropic PBC and ElevenLabs make money?
Anthropic PBC and ElevenLabs generate revenue in fundamentally different ways. Anthropic PBC: Anthropic charges for Claude in four ways. ElevenLabs: ElevenLabs makes money in two ways.
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 ElevenLabs overview