Anthropic's rapid growth causes some OpenAI investors to reconsider
Original: Anthropic’s rise is giving some OpenAI investors second thoughts
Why This Matters
Highlights shifting investor sentiment in the competitive AI market leadership race
Some OpenAI investors are questioning the company's $852 billion valuation as Anthropic's revenue jumped from $9 billion to $30 billion annualized by March 2026. Anthropic's $380 billion valuation now appears more attractive to some investors.
OpenAI's $852 billion valuation is facing skepticism from its own investors as Anthropic demonstrates explosive growth, according to the Financial Times. Anthropic's annualized revenue surged from $9 billion at end-2025 to $30 billion by March 2026, driven by coding tool demand. One investor backing both companies said justifying OpenAI's round required assuming a $1.2 trillion IPO valuation, making Anthropic's $380 billion valuation appear relatively attractive. Secondary market demand for Anthropic shares has become "nearly insatiable" while OpenAI shares trade at a discount. Iconiq Capital's Roy Luo, whose firm invested over $1 billion in Anthropic, stated "there's room for both, but there is fundamentally a number one and a number two dynamic, and the number one will win disproportionately. We picked." OpenAI CFO Sarah Friar defended the company, citing its record $122 billion fundraising as evidence of continued investor confidence.