Anthropic’s rise is giving some OpenAI investors second thoughts

What Happened

Some OpenAI investors question the company's $852 billion valuation as Anthropic strengthens its position. Anthropic's annualized revenue grew to $30 billion by March, up from $9 billion at end-2025, driven by coding tool demand. Investors cite Anthropic's $380 billion valuation as potentially better value. Secondary market data shows strong demand for Anthropic shares while OpenAI shares trade at discounts. OpenAI CFO Sarah Friar defended the $122 billion fundraise as evidence of investor confidence.

Key Entities

AI Tools