OpenAI's substantial $852 billion valuation is reportedly drawing skepticism from some of its own investors, as the company works to reorient towards enterprise clients and counter the rising competition from Anthropic, according to the Financial Times.
Anthropic has seen its annualized revenue surge dramatically from $9 billion at the end of 2025 to $30 billion by March 2026, primarily fueled by robust demand for its coding tools. An investor with stakes in both companies told the FT that justifying OpenAI's latest funding round would necessitate an IPO valuation of $1.2 trillion or more, which, in turn, makes Anthropic's current $380 billion valuation appear to be a relative bargain.
The secondary market reflects this sentiment, with nearly insatiable demand for Anthropic shares, while OpenAI shares are currently trading at a discount.
OpenAI CFO Sarah Friar pushed back on the skepticism, telling the FT that the company’s record-setting $122 billion private fundraising — the largest in history — serves as strong evidence of sustained investor confidence. However, not everyone is convinced. Jai Das, president of investment firm Sapphire Ventures (who holds no stake in either company), likened OpenAI to "the Netscape of AI," referencing the once-dominant browser that was eventually overshadowed by Microsoft and absorbed by AOL.