Anthropic's Surging Revenue and Valuation Raise Questions About OpenAI's $852 Billion Asking Price
Key Takeaways
- ▸Some OpenAI investors are questioning the company's $852 billion valuation after Anthropic's revenue surged to $30 billion annualized
- ▸Anthropic's $380 billion valuation is increasingly seen as a relative bargain compared to the multiples required to justify OpenAI's asking price
- ▸Secondary market trading shows strong demand for Anthropic shares while OpenAI shares trade at a discount, signaling potential investor preference
Summary
OpenAI's recently completed $122 billion fundraising round valued the company at $852 billion, but some of its own investors are expressing skepticism about the valuation, according to reporting from the Financial Times. The concern stems largely from Anthropic's dramatic rise: the competitor's annualized revenue jumped from $9 billion at the end of 2025 to $30 billion by March, driven by strong demand for its coding tools. One investor backing both companies told the FT that justifying OpenAI's valuation would require assuming an IPO price of $1.2 trillion or higher—making Anthropic's current $380 billion valuation appear relatively attractive by comparison.
Market dynamics are reflecting investor sentiment, with Anthropic shares seeing strong secondary market demand while OpenAI shares are trading at a discount. Even as CFO Sarah Friar defended the company's confidence signal, skeptics like Jai Das of Sapphire Ventures have drawn unflattering comparisons, suggesting OpenAI could become "the Netscape of AI"—a reference to the once-dominant browser that lost to Microsoft. The debate highlights intensifying competition in the AI sector and raises questions about whether OpenAI's valuation can be justified given Anthropic's accelerating momentum.
- OpenAI is facing intensified competition from Anthropic, particularly in high-demand areas like coding tools
Editorial Opinion
The divergence in investor sentiment between OpenAI and Anthropic reflects the rapidly maturing AI market, where execution and revenue traction now matter more than first-mover advantage and brand recognition. While OpenAI's $122 billion raise is historically significant, the skepticism from its own backers suggests that ultra-high valuations in AI may be hitting a reality check. Anthropic's faster revenue growth trajectory and lower valuation multiple could signal a shifting competitive landscape where innovation velocity and product-market fit outweigh sheer scale.
