OpenAI's Q2 revenue grew 18% to $6.7 billion from $5.7 billion in Q1, but losses deepened, disappointing investors who expected faster progress against rival Anthropic.

Anthropic more than doubled revenue to $11.6 billion in the same period, surpassing OpenAI for the first time and swinging to a small operating profit. The divergence highlights a dramatic shift in the AI race, driven by ChatGPT's growth slowdown and the success of Anthropic's Claude Code.

OpenAI has pivoted its business and overhauled leadership, replacing chief revenue officer Denise Dresser after less than a year. Other exits include former COO Brad Lightcap and Fidji Simo, once seen as heir to CEO Sam Altman.

The company told investors growth has accelerated since launching new models in July, ahead of an anticipated IPO.