OpenAI’s $852 billion valuation is drawing skepticism from some investors as the company struggles to orient itself around enterprise customers and fend off Anthropic. According to the Financial Times.
Anthropic’s annual revenue rose from $9 billion at the end of 2025 to $30 billion by the end of March, driven largely by demand for its coding tools. An investor backing both companies told the FT that OpenAI would need an IPO valuation of $1.2 trillion or more to justify the round. worth 380 billion dollars seems like a relative bargain.
The secondary market is currently telling a similar story, where demand for Anthropic shares has grown almost insatiably, while OpenAI shares are being traded on the exchange. discount.
Altman has been here before. During his time leading Y Combinator, aggressive valuation inflation it left some portfolio companies financially stranded, while others were worth every penny and then some.
Iconiq Capital partner Roy Luo – whose firm has invested more than $1 billion in Anthropic while holding a smaller stake in OpenAI – told the FT where he stands. “There’s room for both, but fundamentally there’s a number one and a number two speaker, and number one will win disproportionately,” he said. “We chose.” OpenAI CFO Sarah Friar pushed back, telling the FT that the company was 122 billion dollars increase — the largest private fundraising in history — was a testament to the continued confidence of investors.
