OpenAI’s $852 billion valuation faces skepticism from some of its own investors as the company struggles to reorient itself around enterprise customers and fend off Anthropic. according to the Financial Times.
Anthropic’s annualized revenue rose from $9 billion at the end of 2025 to $30 billion at the end of March, driven largely by demand for its coding tools. An investor who has backed both companies told the Financial Times that justifying the OpenAI round required assuming an IPO valuation of $1.2 trillion or more, making Anthropic’s current offering Valuation of 380 billion dollars Seems like a relative bargain.
The secondary market tells a similar story right now, where demand for Anthropic shares has become almost insatiable while OpenAI shares are trading at a price discount.
Altman has been here before. During his tenure at the head of Y Combinator, aggressive valuation inflation It left some portfolio companies financially stagnant, while others proved they were worth every penny and then some.
Roy Luo, a partner at Iconiq Capital, whose firm has invested more than $1 billion in Anthropic and has a smaller stake in OpenAI, told the Financial Times of his position. “There is room for both, but fundamentally there is a dynamic of number one and number two, and number one will win disproportionately,” he said. “We choose.” OpenAI CFO Sarah Friar responded, telling the Financial Times that the company Increase of 122 billion dollars (the largest private fundraising in history) was a testament to continued investor confidence.
