Anthropic’s rise is giving some OpenAI investors second thoughts

Anthropic’s rise is giving some OpenAI investors second thoughts

OpenAI’s $852 billion valuation is going through skepticism from some of its personal investors as the company scrambles to reorient itself round enterprise clients and fend off Anthropic, according to the Financial Times.

Anthropic’s annualized income jumped from $9 billion at the end of 2025 to $30 billion by the end of March, pushed largely by demand for its coding instruments. One investor who has backed each firms told the FT that justifying OpenAI’s round required assuming an IPO valuation of $1.2 trillion or more — making Anthropic’s current $380 billion valuation appear like the relative cut price.

The secondary market tells the same story proper now, the place demand for Anthropic shares has grown practically insatiable while OpenAI shares are buying and selling at a low cost.

Altman has been right here before. During his tenure main Y Combinator, aggressive valuation inflation left some portfolio firms financially stranded while others proved value every penny and then some.

OpenAI CFO Sarah Friar pushed again, telling the FT that the company’s $122 billion elevate — the largest non-public fundraising in historical past — was proof of continued investor confidence. Not everybody is persuaded. Jai Das, president of funding agency Sapphire Ventures (who has no stake in both company) told the FT he noticed OpenAI as “the Netscape of AI,” a reference to the once-dominant browser that was overtaken by Microsoft and finally absorbed by AOL.

Update: This piece has been up to date to take away an investor quote revealed and later eliminated by the Financial Times.

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