The rise of Anthropic is giving some OpenAI investors second thoughts

OpenAI’s $852 billion valuation faces skepticism from some of its investors, as the company strives to reorient itself around enterprise customers and fend off human attacks. According to the Financial Times.

Anthropic’s annual revenue jumped from $9 billion at the end of 2025 to $30 billion by the end of March, driven largely by demand for its programming tools. One investor who backed the two companies told the Financial Times that justifying the OpenAI round would require assuming an IPO valuation of $1.2 trillion or more — making Anthropic’s current value… Valuation of $380 billion Seems like a relative bargain.

The secondary market is telling a similar story right now, as demand for Anthropic shares has grown almost insatiably while OpenAI shares are trading at a low price. discount.

Altman has been here before. During his time leading Y Combinator, Aggressive inflation in valuation Some portfolio companies were left financially stranded while others proved to be worth every penny and then some.

Iconiq Capital partner Rui Lu — whose firm has invested more than $1 billion in Anthropic while holding a smaller stake in OpenAI — told the Financial Times of his position. “There’s room for both, but there’s basically a number one and number two dynamic, and number one will win disproportionately,” he said. “We have chosen.” Sarah Friar, CFO of OpenAI, responded, telling the Financial Times that the company Raised $122 billion – the largest private fundraising in history – was evidence of continued investor confidence.