OpenAI's record $852 billion valuation is facing scrutiny from some of its own investors as the company pivots towards enterprise clients and contends with the rapid ascent of rival Anthropic, according to a Financial Times report. The concerns emerge as Anthropic's annualised revenue reportedly soared from $9 billion at the end of 2025 to $30 billion by March's close, largely fuelled by demand for its coding tools.
This dramatic growth has altered the competitive landscape, with one investor who has backed both firms telling the FT that justifying OpenAI's latest funding round required assuming a future IPO valuation exceeding $1.2 trillion. This calculus makes Anthropic's current $380 billion valuation appear comparatively attractive.
Secondary Market Reflects Shift
The disparity in investor sentiment is evident in the private share markets. Demand for Anthropic stock is described as "nearly insatiable," while shares in OpenAI are currently trading at a discount to its last official valuation. This market activity signals a recalibration of risk and potential among the AI sector's two leading private companies.
Roy Luo, a partner at Iconiq Capital, which has invested over $1 billion in Anthropic while maintaining a smaller stake in OpenAI, articulated a clear stance to the FT. "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 stated. "We picked."
OpenAI Defends Its Position
In response to the valuation concerns, OpenAI's Chief Financial Officer, Sarah Friar, pushed back. She pointed to the company's recent $122 billion fundraising round—the largest private capital raise in history—as definitive evidence of sustained investor confidence in its strategy and long-term prospects.
The situation evokes a familiar pattern for OpenAI CEO Sam Altman. During his leadership at Y Combinator, aggressive valuation inflation left some portfolio companies financially strained, while others ultimately justified their high valuations with exceptional performance.
Context and Consequences
The reported investor unease comes at a critical juncture for OpenAI, which is actively reorienting its business model to capture more enterprise customers. The company's ability to maintain its staggering valuation will likely depend on its execution of this strategic shift and its capacity to match or exceed the growth trajectory demonstrated by its chief competitor.
As the AI race intensifies, the evolving financial perceptions of these two giants will influence future investment flows, talent acquisition, and partnership opportunities across the global technology sector.