OpenAI investors question $852B valuation as Anthropic gains momentum

Some OpenAI investors are questioning the company's $852 billion valuation as it shifts focus to enterprise customers while competing with fast-growing rival Anthropic, according to the Financial Times. Anthropic's annualized revenue surged from $9 billion at the end of 2025 to $30 billion The secondary market reflects similar sentiment, with demand for Anthropic shares growing while OpenAI shares trade at a discount. Iconiq Capital partner Roy Luo, whose firm has invested over $1 billion in Anthropic while holding a smaller stake in OpenAI, told the publication: "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 pushed back, telling the FT that the company's $122 billion raise. the largest private fundraising in history. demonstrated continued investor confidence.