Anthropic Eclipses OpenAI: Investors Reassess Their Strategy

OpenAI Investors Seeking Certainty

The current valuation of OpenAI, reaching $852 billion, is starting to worry some of its investors. They are questioning the company's ability to maintain its dominant position as it seeks to refocus on enterprise clients. This strategic shift comes at a time when Anthropic, a direct competitor, is gaining significant ground.

The Rise of Anthropic

Anthropic's revenues have seen spectacular growth, jumping from $9 billion at the end of 2025 to $30 billion by the end of March. This increase is primarily driven by strong demand for its coding tools. An investor involved with both companies told the Financial Times that to justify OpenAI's funding round, a valuation of $1.2 trillion or more would need to be considered in the event of an IPO. In comparison, Anthropic's current valuation, set at $380 billion, appears more attractive.

The Secondary Market and Stock Dynamics

On the secondary market, the trend is similar: demand for Anthropic's shares is almost insatiable, while those of OpenAI are trading at a reduced price. Sam Altman, who has faced similar situations during his tenure at Y Combinator, sees a repetition of history where some companies in his portfolio suffered from inflated valuations, while others proved their worth.

Strategic Choices of Investors

Roy Luo, a partner at Iconiq Capital, stated that his firm, which has invested over $1 billion in Anthropic, sees a leadership dynamic where the number one disproportionately prevails. Luo remarked, "We have made our choice."

In response, Sarah Friar, CFO of OpenAI, emphasized that the $122 billion fundraising, the largest in history for a private company, reflects the ongoing confidence of investors in OpenAI.