OpenAI and Anthropic Share 90+ Investors Amid $100B Fundraising

OpenAI and Anthropic, fierce rivals in the AI race, share an astonishing overlap in their investor bases. According to a WIRED analysis of PitchBook data, about 90 venture capital firms and other money managers have invested in both companies. Specifically, 42% of OpenAI's investors also back Anthropic, and roughly a third of Anthropic's investors are OpenAI backers. Major firms like Sequoia Capital, Greylock, Founders Fund, Redpoint Ventures, Emerson Collective, and Sound Ventures are among those that have placed dual bets. The actual number may be higher due to private investment difficulties; for instance, Amazon was missing from the data. Experts describe this level of crossover as unprecedented for two companies that began fundraising within years of each other.

The phenomenon reflects the evolution of the venture capital industry and the enormous sums raised by both labs—each has secured over $100 billion at valuations approaching $1 trillion. Historically, VCs avoided investing in rivals to prevent conflicts of interest, but with companies staying private longer and raising more capital, the strategy has shifted. About 30 of the overlapping investors are hedge funds, private equity firms, or wealth managers that commonly spread bets, while traditional venture firms are now following suit. This indicates that sophisticated investors are not convinced of a winner-take-all outcome in AI, preferring to hedge their bets. With OpenAI and Anthropic eyeing IPOs, investors are doubling their odds of success across two transformative companies.