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Bankers and other advisers are navigating increasingly complex relationships with both OpenAI ​and Anthropic, three people familiar with the matter said. Executives at both companies have pressed their IPO advisers for insight into the rival’s plans, the people said, prompting some banks working with both companies to erect internal barriers between ⁠deal teams to prevent information leaks.

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"It’s all-out war between these guys," said Anastasios Angelopoulos, CEO of Arena, a top AI benchmarking and evaluation company. "Every time there’s a new release from Anthropic, the bet will be ​that OpenAI is soon to follow and vice versa."

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OpenAI has told investors and employees that Anthropic’s preferred accounting method overstates its revenue by billions of dollars, according to two people familiar with the matter. In April, OpenAI's chief revenue officer Denise Dresser told employees that OpenAI considers Anthropic’s financials inflated, according to a company memo reviewed by Reuters.

That’s because Anthropic books the full amount that customers pay for its AI services as revenue, but part of that sum is later routed to partners such as Amazon and Google . OpenAI uses a different method, reporting only net revenue after paying ​its partner, Microsoft.

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