Anthropic’s rise is giving some OpenAI investors second thoughts

In Brief

OpenAI’s $852 cardinal valuation is facing skepticism from immoderate of its ain investors arsenic the institution scrambles to reorient itself astir endeavor customers and fend disconnected Anthropic, according to the Financial Times.

Anthropic’s annualized gross jumped from $9 cardinal astatine the extremity of 2025 to $30 cardinal by the extremity of March, driven mostly by request for its coding tools. One capitalist who has backed some companies told the FT that justifying OpenAI’s circular required assuming an IPO valuation of $1.2 trillion oregon much — making Anthropic’s existent $380 cardinal valuation look similar the comparative bargain.

The secondary marketplace tells a akin communicative close now, wherever request for Anthropic shares has grown astir insatiable portion OpenAI shares are trading astatine a discount.

Altman has been present before. During his tenure starring Y Combinator, aggressive valuation inflation near immoderate portfolio companies financially stranded portion others proved worthy each penny and past some.

Iconiq Capital spouse Roy Luo — whose steadfast has invested implicit $1 cardinal successful Anthropic portion holding a smaller involvement successful OpenAI — told the FT wherever helium stood. “There’s country for both, but determination is fundamentally a fig 1 and a fig 2 dynamic, and the fig 1 volition triumph disproportionately,” helium said. “We picked.” OpenAI CFO Sarah Friar pushed back, telling the FT that the company’s $122 cardinal raise — the largest backstage fundraising successful past — was grounds of continued capitalist confidence.

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