Some investors in OpenAI are questioning the company's $852 billion valuation as rival Anthropic shows rapid revenue growth, according to a report from TechCrunch.
The Financial Times reported that OpenAI is currently working to pivot its focus toward enterprise customers to defend its market position against its primary competitor.
Anthropic's annualized revenue climbed from $9 billion at the end of 2025 to $30 billion by the end of March. This surge was primarily fueled by high demand for the company's coding tools.
The valuation gap
One investor with holdings in both companies told the FT that justifying OpenAI's current funding round requires an assumption of a $1.2 trillion IPO valuation. This math makes Anthropic’s $30 billion valuation appear to be a bargain by comparison.
Data from the secondary market reflects this shift. Demand for Anthropic shares is rising rapidly, while OpenAI shares are currently trading at a discount.
Roy Luo, a partner at Iconiq Capital, noted that his firm has invested more than $1 billion in Anthropic while maintaining a smaller stake in OpenAI. He told the FT that while both companies can coexist, a clear hierarchy exists.
“There’s room for both, but there is fundamentally a number one and a number two dynamic, and the number one will win disproportionately,” Luo said. “We picked.”
OpenAI CFO Sarah Friar defended the company's position. She told the FT that OpenAI's $122 billion fundraising round—the largest private capital raise in history—demonstrates sustained investor confidence.