Financial industry leaders convened to discuss the cyber risks posed by Anthropic’s latest AI model after it reportedly found weaknesses in every major computer operating system. That’s a sentence that would have read as science fiction five years ago. It’s now a compliance meeting.

The specifics of what was found, and how, remain unclear from public reporting — which is its own kind of signal. When that kind of information circulates first in closed industry sessions rather than public disclosures, it suggests the vulnerabilities are either still being patched, or the exposure is broad enough that nobody wants to start a countdown clock before fixes are in place. Either way, the episode is a clean illustration of the dual-use problem at the core of frontier AI: the same capability that finds vulnerabilities defensively is also the one that finds them offensively. The institutions meeting about this risk are right to take it seriously. Whether they’re moving fast enough is a different question.

OpenAI has crossed $25 billion in annualized revenue and is reportedly taking early steps toward a public listing — potentially before the end of 2026.

Anthropic is not far behind, approaching $19 billion in annualized revenue. Both numbers represent growth that would have seemed implausible two years ago.

For context: OpenAI’s revenue in 2023 was around $1.6 billion. The AI model market has compressed a decade of typical SaaS scaling into about 24 months. That’s not organic enterprise adoption — it’s a platform shift, and the numbers are reflecting that.