Jason Calacanis

So the reason why I think we're all breathlessly trying to pit OpenAI versus Anthropic is because we want some drama, but the reality is these are very different businesses, and Nick found this tweet, which I thought was really interesting.

Because even at the absolute highest level,

These things are sort of presented in an apples to oranges way.

And there's like these very basic issues of rev rec that are fundamentally different.

And you may say, well, who cares about revenue recognition?

While the people that are trying to write the headlines that say one is overtaking the other and this or that sort of miss the fact that they're in completely different businesses, which is guided how they even think about growth.

And so if you normalize these two businesses, what you would see is open AI is still the overwhelming revenue generator in this space.

And that over time, anthropic is catching up.

And so this is this little diagram of

that tries to explain this.

OpenAI is three quarters consumer subscriptions and a quarter API.

And Propic is almost the exact opposite.

OpenAI is used by consumers overwhelmingly.

And Propic is used either directly or through things like GitHub and Cursor.

OpenAI, as a result, has a very conservative way of recognizing revenue.

Anthropix, they sort of recognize gross tonnage as their revenue.

And so when you start to hear these things about like, oh, this thing is at 20 billion and OpenAI is at N billion, they're two totally different conversations.

And I think right now it's more about the press cycle of trying to create clicks than it actually is about the underlying quality of each business.

Both are incredible businesses as this demonstrates.

And by the time it goes public,