Salesforce Bets on Anthropic in the Absence of OpenAI, Benioff Aims for Billions

Key Takeaways

1Salesforce was unable to invest in OpenAI due to its relationship with Microsoft

2The company has supported Anthropic, whose Claude model already powers some Salesforce products

3Marc Benioff believes this choice could yield tens of billions of dollars, with an IPO of Anthropic potentially valuing Salesforce's stake

Why it matters : The choice imposed by the situation with OpenAI could prove very profitable for Salesforce, which is already relying on Anthropic in its products and is anticipating a public valuation of its stake.

Marc Benioff explains that Salesforce was unable to invest in OpenAI due to Microsoft and turned to Anthropic instead. He now mentions potential gains of "tens of billions" and a partnership already integrated into the publisher's products, while an IPO for Anthropic would establish a public value for Salesforce's stake.

An Anthropic IPO Would Formalize Salesforce's Stake Value

Salesforce has not disclosed the size of its stake in Anthropic. An IPO for Anthropic could provide a market reference for this holding and potentially offer an exit channel. Anthropic is preparing for a possible listing, although no timeline has been set. Meanwhile, OpenAI is also considering an IPO, but Sam Altman has indicated that it will not happen in 2026.

Salesforce Products Already Powered by Claude

Marc Benioff asserts that the investment has transformed into a close business partnership. Salesforce's Slackbot and other recent interfaces rely on Claude, Anthropic's model. He explains that the publisher has been pushed very close to Anthropic, which has facilitated this technological rapprochement.

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The Hindrance from OpenAI and Microsoft's Role

Marc Benioff claims that the relationship between OpenAI and Microsoft prevented Salesforce from investing in OpenAI. He reports that Sam Altman explained to him that Salesforce was not allowed to invest due to this relationship. Microsoft holds about 27% of OpenAI, has usage rights to its technology in its products, and markets access to the models via Azure. Benioff adds that this context changed Salesforce's approach, leading them to feel they had to look elsewhere, without claiming to have spotted an overlooked winner. The publisher then supported Anthropic and other AI startups.

What Benioff Announced and Where He Said It

In an episode of the podcast Sources released on Tuesday and hosted by Alex Heath, Marc Benioff recalls that he initially wanted Salesforce to invest in OpenAI. He now views the choice of Anthropic as potentially very lucrative and suggests that Salesforce could rake in billions, even tens of billions of dollars, from this bet. He also believes that the inability to enter OpenAI could ultimately prove beneficial for his company.