SemiAnalysis: Anthropic's subscriptions yield about 5x OpenAI's API-equivalent value
AIAccording to SemiAnalysis, Anthropic's subscriptions may be worth about 5 times more than OpenAI's when measured by API-equivalent value, even though subscriptions make up roughly 10% of Anthropic's revenue. The post says Anthropic's API revenue accounts for 75–85% of its total, while OpenAI's subscriptions reached 65% of revenue in 2026 Q1. It also claims Claude's average U.S. paid user pays about $45 per month, with a free-to-paid conversion of about 9%, versus roughly 6% for OpenAI.






