Anthropic’s rise is giving some OpenAI fans second thoughts

OpenAI’s $852 billion valuation is facing skepticism from some of its investors as the company seeks to refocus on enterprise customers and avoid Anthropic, according to the Financial Times.

Anthropic’s annual revenue rose from $9 billion at the end of 2025 to $30 billion at the end of March, largely driven by demand for its writing tools. One entrepreneur who has backed both companies told the FT that justifying the OpenAI round would require an IPO valuation of $1.2 trillion or more – making Anthropic current. The cost of $ 380 billion seen as a relative competition.

The secondary market is echoing the same sentiment right now, with demand for Anthropic shares skyrocketing while OpenAI shares are trading at a premium. discount.

Altman has been here before. During his time leading Y Combinator, Aggressive valuation inflation they left some companies in financial trouble while others appeared to be worth every penny and then some.

Iconiq Capital partner Roy Luo – whose firm has invested more than $1 billion in Anthropic while holding a minority stake in OpenAI – told the FT where he stood. “There are both positions, but there is a strong number one and a strong second, and number one will win by a landslide,” he said. “We chose.” OpenAI CFO Sarah Friar pushed back, telling the FT that the company $ 122 billion to raise – the largest private fundraising in history – was a testament to the continued confidence of investors.