Anthropic’s Claude generated an estimated $97.2 million in mobile consumer revenue in July, up nearly 1,200% from $7.5 million in January, according to exclusive estimates from AppMagic provided to Benzinga.

OpenAI’s ChatGPT still dominates the mobile market, with estimated July revenue of $312.2 million. But its revenue grew just 28% over the same period.

The gap between the two companies has narrowed sharply. Claude generated roughly 3 cents for every dollar of ChatGPT mobile revenue in January. By July, that had climbed to 31 cents.

AI Race Shifts From Downloads to Dollars

Claude is still much smaller than ChatGPT by downloads. It recorded an estimated 16.6 million downloads in July, compared with 77.8 million for ChatGPT.

But downloads and revenue are moving in opposite directions. Claude’s downloads fell 3.5% from June, while its mobile revenue rose 8.8%.

The same pattern is visible across the wider AI app market. Downloads among the top 10 AI apps fell about 14% between January and July, while their combined monthly revenue jumped 68% to $487.3 million.

In other words, AI apps are making more money even as download growth cools, suggesting the competition is shifting from acquiring users to getting existing users to pay.

The figures capture only part of each company’s revenue. AppMagic tracks consumer spending through iOS and Google Play apps, excluding web subscriptions, enterprise contracts and API sales, but the data offers a window into how their mobile consumer businesses are developing.

Claude Starts Gaining on ChatGPT With Consumers

Anthropic built much of its early momentum with developers and enterprise customers. Its recent mobile revenue growth suggests Claude is now becoming a more meaningful consumer business too.

Anthropic’s momentum extends beyond consumer revenue. Polymarket traders currently give Claude a 69% chance of being the top AI model at the end of 2026, versus 11% for ChatGPT.

But OpenAI is hardly out of the race. Artificial Analysis currently ranks GPT-5.6 Sol just one point behind Claude Fable 5 on its Intelligence Index, while estimating Sol costs less than half as much per million tokens.

The Next Battle Is Wall Street

Anthropic CEO Dario Amodei led research at OpenAI before leaving to co-found the rival in 2021. The two now compete across models, enterprise customers and consumer subscriptions, and both have reportedly filed confidentially for U.S. IPOs.

Traders think Anthropic gets there first. On Polymarket, the company has a 95% chance of completing an IPO before OpenAI, with roughly $320,000 traded on a contract that runs through the end of 2027.

That bet got fresh support Thursday. Anthropic is reportedly planning to publicly unveil its IPO prospectus shortly after Labor Day, with a listing potentially following in late September or early October, The Information reported.

The rivalry also reaches some of the world’s biggest publicly traded tech companies. Microsoft Corp. (NASDAQ:MSFT) owns roughly 27% of OpenAI, making it the startup’s largest strategic shareholder.

Anthropic’s major Big Tech backers include Alphabet Inc. (NASDAQ:GOOGL), which plans to invest up to $40 billion, and Amazon.com Inc. (NASDAQ:AMZN), whose total potential commitment has reached $33 billion.

ChatGPT still dominates consumers, but AppMagic’s data suggests Claude is capturing a growing share of their spending.

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