Anthropic’s rise is giving some OpenAI investors second thoughts

Some of OpenAI’s own investors are reportedly questioning the company's formidable $852 billion valuation in light of fierce competition from rival Anthropic. According to a Financial Times report, the skepticism reflects a growing concern that OpenAI's market dominance is not guaranteed, especially as enterprise clients become the industry's primary battleground and financial metrics come under closer scrutiny.

The reassessment is fueled by Anthropic's rapid financial ascent. The company saw its annualized revenue soar from $9 billion at the end of 2025 to $30 billion by the end of March 2026, driven primarily by its coding tools. This performance has made its $380 billion valuation appear more attractive to some. One investor with stakes in both firms noted that justifying OpenAI’s valuation would necessitate an eventual IPO of $1.2 trillion or more. This sentiment is echoed in the secondary markets, where demand for Anthropic shares is surging while OpenAI shares are reportedly trading at a discount.

This dynamic has prompted comparisons to earlier tech eras. Jai Das of Sapphire Ventures referred to OpenAI as the potential "Netscape of AI," a reference to the early web browser that lost its market lead to Microsoft. While OpenAI CFO Sarah Friar cited the company's recent $122 billion fundraise as a strong vote of investor confidence, the debate underscores a critical shift in the AI sector. The focus is moving beyond foundational model leadership to demonstrated revenue growth and sustainable business models, putting pressure on even the most established players to prove their valuations are grounded in commercial reality.

The cooling sentiment around OpenAI's secondary shares, contrasted with fervent demand for Anthropic's, indicates the AI investment narrative is pivoting from foundational model hype to a more sober assessment of enterprise revenue velocity and valuation discipline.