OpenAI’s high $852 billion valuation is facing skepticism from some of its own investors. The company is reportedly struggling to reorient its focus toward enterprise customers and must contend with Anthropic’s growing market presence, according to the Financial Times.
Anthropic’s financial growth shows marked acceleration. The company’s annualized revenue jumped from $9 billion at the end of 2025 to $30 billion by the end of March. This significant increase in revenue is largely attributed to strong demand for Anthropic’s coding tools.
The financial pressure is evident among investors. One investor who has backed both OpenAI and Anthropic told the FT that justifying OpenAI’s valuation required assuming an IPO valuation of $1.2 trillion or more. This comparison makes Anthropic’s current $380 billion valuation appear relatively more attractive.
Market trends reflect this dynamic. The secondary market indicates that demand for Anthropic shares has grown nearly insatiable, while OpenAI shares are currently trading at a discount.
Isaac Altman previously experienced valuation inflation while leading Y Combinator, noting that some portfolio companies were financially stranded while others proved worth significant returns.
Regarding the competition, Iconiq Capital partner Roy Luo, whose firm has invested over $1 billion in Anthropic and holds a smaller stake in OpenAI, offered his perspective. He stated to the FT that while there is ‘room for both,’ there is fundamentally a ‘number one and a number two dynamic,’ and that ‘the number one will win disproportionately.’ Luo concluded with the declaration, ‘We picked.’
In response to the mounting concerns, OpenAI CFO Sarah Friar pushed back against the narrative of declining confidence. She pointed to the company’s recent $122 billion raise, characterizing it as the largest private fundraising in history, as evidence of continued investor confidence.