OpenAI’s valuation of $852 billion is facing skepticism from some investors as the company shifts its focus towards enterprise clients amid competition with Anthropic, according to the Financial Times.
This skepticism arises from the need to justify OpenAI’s high valuation, which assumes an IPO at $1.2 trillion or more. In contrast, Anthropic’s annualized revenue surged from $9 billion at the end of 2025 to $30 billion by March, largely due to a rising demand for its coding tools.
Investors perceive Anthropic’s current valuation of $380 billion as more attractive. The secondary market reflects this sentiment, showing a growing demand for Anthropic shares while OpenAI shares are trading at a discount.
Sam Altman, OpenAI’s CEO, faced similar valuation pressures during his leadership at Y Combinator, where some companies struggled due to inflated valuations. Investors are cautious, observing a competitive dynamic between the two firms.
Roy Luo, a partner at Iconiq Capital, noted the competitive landscape, stating that while both companies can exist, a clear leader-follower dynamic will emerge. “The number one will win disproportionately,” he remarked. Luo’s firm has invested over $1 billion in Anthropic while maintaining a smaller position in OpenAI.
In response to the skepticism, OpenAI CFO Sarah Friar emphasized that the company’s $122 billion fundraising round is the largest in history and showcases sustained investor confidence.
