Some OpenAI investors are having second thoughts about its $852B valuation as Anthropic’s revenue surge makes it look like the better bet

Some investors who backed OpenAI are questioning its $852B valuation, with one telling the Financial Times that justifying the round required assuming an IPO valuation of $1.2 trillion or more, while Anthropic's $380B valuation looks comparatively reasonable given its annualized revenue jumped from $9B at end of 2025 to $30B by end of March. Demand for Anthropic shares on the secondary market has grown while OpenAI shares are trading at a discount, and investor Jai Das of Sapphire Ventures compared OpenAI to Netscape, the once-dominant browser eventually overtaken and absorbed by competitors. OpenAI CFO Sarah Friar pushed back, pointing to the company's $122B raise as evidence of continued investor confidence.