Anthropic’s rise is giving some OpenAI investors second thoughts

A Financial Times report reveals growing investor unease with OpenAI's staggering $852 billion valuation, fueled by the meteoric rise of rival Anthropic. Anthropic's annualized revenue skyrocketed from $9 billion at the end of 2025 to $30 billion by March's end, a surge largely attributed to the runaway success of its coding tools. This explosive growth makes Anthropic's current $380 billion valuation appear comparatively reasonable, with one investor noting that justifying OpenAI's latest round would require assuming a future IPO valuation exceeding $1.2 trillion. The secondary market reflects this sentiment, where demand for Anthropic shares is described as "nearly insatiable" while OpenAI shares are trading at a discount.

OpenAI's leadership, including CFO Sarah Friar, points to the company's historic $122 billion private fundraising round as evidence of sustained investor confidence. However, critics draw parallels to past tech bubbles, with Sapphire Ventures' Jai Das labeling OpenAI "the Netscape of AI"—a reference to the once-dominant browser eventually overtaken. The situation echoes CEO Sam Altman's experience at Y Combinator, where aggressive valuations had mixed outcomes. The core challenge for OpenAI is proving its massive valuation is justified as it pivots to focus on enterprise customers and contends with a competitor whose financial momentum is currently undeniable.