OpenAI’s $852 billion valuation is facing skepticism from some of its own investors as the company struggles to reorient itself around enterprise customers and avoid anthropogenic losses. According to Financial Times.
Anthropic’s annual revenue rose from $9 billion at the end of 2025 to $30 billion by the end of March, driven primarily by demand for its coding tools. An investor backing both companies told the FT that an IPO valuation of $1.2 trillion or more is needed to justify OpenAI’s round – making Anthropic’s current $380 billion valuation Look like a relative bargain.
The secondary market still tells a similar story, where demand for Anthropic shares is almost insatiable, while OpenAI shares are trading at a lower price. Discount.
Altman has been here before. During his tenure leading Y Combinator, aggressive valuation inflation Some portfolio companies flopped financially, while others proved to be worth every penny and then some.
Iconic Capital partner Roy Luo – whose firm has invested more than $1 billion in Anthropic while keeping a minority stake in OpenAI – told the FT where he stands. “There’s room for both, but fundamentally there’s a number one and number two dynamic, and number one will win disproportionately,” he said. “we chose.” OpenAI CFO Sarah Fryer pushed back, telling the FT that the company increase of 122 billion dollars The raise – the largest private fundraise in history – was evidence of continued investor confidence.
