OpenAI Attracts Investors Again Amid Anthropic Competition

Renewed Interest in OpenAI on Secondary Markets

For some time now, companies like Anthropic and OpenAI have yet to take the plunge into an initial public offering, prompting investors to turn to secondary markets to acquire shares. At the beginning of the year, investor attention was almost exclusively focused on Anthropic, leaving OpenAI largely overlooked. However, this trend is beginning to reverse, with growing demand for OpenAI shares.

For much of the year, Anthropic was the favorite among investors, while OpenAI struggled to attract attention. This situation began to change with the launch of highly anticipated new models and the success of its AI coding agent, Codex. These advancements have rekindled interest in OpenAI.

An Evolving Dynamic

According to Dave McClure, founder and managing partner of Practical Venture Capital, there has been a notable resurgence of interest in OpenAI over the past month. Shares of these companies, which are not yet publicly traded, are primarily exchanged on secondary markets where they are sold by employees or early investors. This market is characterized by its fragmentation and lack of liquidity, meaning that valuations are often estimates rather than fixed prices.

OpenAI faced several challenges at the beginning of the year, including rumors of slowed growth and executive departures, as well as increased competition from Anthropic and a lawsuit involving Elon Musk. These factors contributed to a significant drop in demand for its secondary shares at the start of the second quarter.

The Persistent Dominance of Anthropic

Despite the renewed interest in OpenAI, Anthropic continues to dominate the market. According to Glen Anderson, CEO of Rainmaker Securities, a boutique investment bank specializing in private equity transactions, Anthropic attracts five buyers for every two looking to acquire shares of OpenAI. A month ago, demand for OpenAI was limited, but it has since increased, although Anthropic remains the preferred choice.

OpenAI declined to comment on this situation.

Optimism Surrounding New Models

Traders in the secondary markets have noted that OpenAI's new models and its coding agent, Codex, have prompted investors to reconsider their positions. In June, OpenAI unveiled its flagship model GPT-5.6 Sol, followed by GPT-5.6 Terra and the more affordable GPT-5.6 Luna. While GPT-5.6 Sol performs exceptionally well, it still falls slightly short of Claude's Mythos and Fable models.

Adam Crawley, co-founder of Augment, observed that investors are returning to OpenAI. Mark Klein, president and CEO of Neostellar, has been encouraged by OpenAI's recent announcements, particularly the achievement of 9 million active users on its Codex and ChatGPT Work platforms.

More Affordable Shares

Historically, Anthropic was considered a good deal, trading at a lower price than OpenAI. However, the situation has changed, and some traders believe it is wise to diversify their investments by including OpenAI, which is now less expensive.

Anthropic recently reached a valuation of $1.2 trillion on secondary markets, while OpenAI is trading at $933 billion, marking a 20% increase over the past three months, according to Caplight.

OpenAI CEO Sam Altman acknowledged the company's recent difficulties but expressed optimism for the future. He stated that the coming months could be the best for the company.

Meanwhile, the Chinese startup Moonshot AI has launched Kimi K3, an ambitious AI model, which could intensify competition for OpenAI. Dave McClure also highlighted that pressure from Chinese and open-source competitors could pose additional challenges for OpenAI, potentially impacting its growth and margins.