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 by March's close, driven largely by demand for its coding tools. One investor who has backed both companies told the FT that justifying OpenAI's recent round required assuming an IPO valuation of $1.2 trillion or more, making Anthropic's current $380 billion valuation appear comparatively attractive. 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.