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Chen Long: The Big Model 2.0 Phase Kicks Off
In the past few months, large models have made leapfrog progress.
The most pivotal event among these is Anthropic’s annual recurring revenue (ARR) surpassing OpenAI for the first time (Figure 1). Anthropic just announced that its ARR reached $9 billion at the end of 2025, and four months later, this figure reached $44 billion (latest data as of May 1). If this unprecedented growth rate can be maintained, by the time of its IPO at the end of the year, Anthropic will be a major tech company on par with the seven AI giants in the United States. And at that time, the company will have just celebrated its fifth anniversary.
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