According to a recent report by research firm SemiAnalysis, AI company Anthropic is expected to achieve GAAP EBIT of over $1 billion by the third quarter of 2026, with its annual recurring revenue (ARR) surging from $9 billion at the end of 2025 to over $60 billion. SemiAnalysis believes Anthropic has the potential to become the first company to reach a market capitalization of $6 trillion. The report states that Claude Code, an AI programming tool, currently accounts for over 7% of all code commits on GitHub. About 75% to 85% of Anthropic's ARR comes from its usage-based API business, while consumer subscriptions account for only 5% of total ARR. In comparison, OpenAI still derived over 65% of its revenue from the subscription model. Anthropic's Net Revenue Retention (NRR) reached 500%, and the customer cohort contributing $30 billion in ARR this year contributed only $2 billion a year ago. SemiAnalysis estimates Anthropic's overall gross margin has rebounded from negative 94% in 2024 to the mid-60% range, with its API business gross margin exceeding 80%. Anthropic's ARR per megawatt of computing power is projected to reach $60 million later this year, up from $16 million nine months ago. The report notes that if both companies reach $100 billion in ARR, OpenAI's cost of services would result in approximately $25 billion