Anthropic’s growth prompts some OpenAI investors to reconsider

OpenAI’s $852 billion valuation is beginning to face scrutiny from some of its own investors as the company works to reposition itself around enterprise customers while competing more directly with Anthropic, according to a report from the Financial Times.

Anthropic’s growth has been a major factor behind this shift in sentiment. The company’s annualised revenue surged from $9 billion at the end of 2025 to $30 billion by the end of March, largely fueled by strong demand for its AI-powered coding tools. One investor who has backed both companies told the Financial Times that justifying OpenAI’s latest valuation would require assuming a future IPO valuation of $1.2 trillion or higher — a comparison that makes Anthropic’s current $380 billion valuation appear more attractive in relative terms.

Activity in the secondary market reflects a similar trend. Demand for Anthropic shares has increased sharply, while shares tied to OpenAI have been trading at a discount, indicating a shift in investor appetite.

Sam Altman has encountered similar dynamics before. During his time leading Y Combinator, rapid increases in startup valuations left some companies struggling to meet expectations, while others ultimately justified their high valuations.

OpenAI’s leadership has defended the company’s position. Chief financial officer Sarah Friar told the Financial Times that the company’s recent $122 billion fundraising round — the largest private funding round on record — demonstrates continued investor confidence.

Still, not everyone is convinced. Jai Das, who does not hold a stake in either company, said he views OpenAI as “the Netscape of AI,” referencing the once-dominant internet browser that was later overtaken by competitors and eventually absorbed by AOL.