| 1 | The Q1 2026 revenue league table is the headline. Anthropic captures thirty-one point four percent of global LLM revenue, narrowly ahead of OpenAI at twenty-nine percent. This is the first time a non-OpenAI lab holds the number-one revenue position since the modern LLM era began. Google trails on twelve percent, Microsoft on seven, Tencent on five. The China cohort — Tencent, Baidu, Alibaba combined — sits at roughly eleven percent, comparable to Google's solo share. And despite extensive open-weights attention through 2025, DeepSeek and Zhipu together hold under a third of one percent of revenue. Distribution does not translate to direct revenue capture. |