With AI, investor loyalty is (almost) dead: At least a dozen OpenAI VCs now also back Anthropic

The venture capital playbook is being rewritten in the age of AI, as investor loyalty becomes collateral damage in the race for returns. A TechCrunch investigation reveals at least a dozen direct investors in OpenAI—including heavyweights Sequoia Capital, Founders Fund, Iconiq, and Insight Partners—were also announced as backers in Anthropic's recent $30 billion funding round. This marks a significant departure from traditional VC norms where firms typically avoid direct investments in competing startups to maintain trust and protect confidential information.

The situation is particularly striking given the scale of these investments. OpenAI is finalizing a new $100 billion round, while Anthropic just closed its $30 billion raise, creating unprecedented capital demands. Some cross-investments come from asset managers like BlackRock—whose senior managing director sits on OpenAI's board—and are more understandable given their diversified fund structures. However, the participation of traditional venture firms breaks the long-standing 'founder-friendly' model where VCs market themselves as strategic partners helping startups battle rivals.

This shift has practical implications for governance and information flow. Startups like OpenAI and Anthropic share confidential business data with direct investors that isn't publicly disclosed. When VCs hold board seats in both companies, they face potential conflicts in their fiduciary responsibilities. The trend reflects how AI's capital intensity—with massive data center needs and growth trajectories—is overwhelming traditional investment boundaries. While some firms like Andreessen Horowitz and Menlo Ventures remain exclusive to one camp for now, the flood of capital suggests the era of VC exclusivity in frontier AI may be ending.