Roughly 90 venture firms and money managers have put money into both OpenAI and Anthropic, according to a WIRED analysis of PitchBook data, an unusual level of overlap for two companies fighting this hard over talent, customers, and policy. About 42% of OpenAI's investors also hold Anthropic, and roughly a third of Anthropic's backers are in OpenAI, with names like Sequoia, Greylock, and Founders Fund on both sides. One VC summed up the logic to WIRED with, “Why wouldn't you want to be in both Pepsi and Coke? It's the same here,” the bet being that AI lifts every player rather than crowning a single winner. The overlap matters more now that both companies are heading toward IPOs this year, giving those backers two shots at a payout instead of one.
