OpenAI’s $852 billion valuation faces skepticism amid competition from Anthropic, as reported by the Financial Times. Investors question the justification of OpenAI’s valuation, especially when Anthropic’s annual revenue surged from $9 billion in 2025 to $30 billion by March due to high demand for its coding tools. A notable investor highlighted that OpenAI’s valuation reflects a potential IPO target of $1.2 trillion, contrasting sharply with Anthropic’s $380 billion valuation, which appears more reasonable. The secondary market mirrors this sentiment, with Anthropic shares enjoying heightened demand while OpenAI shares trade at a discount. Iconiq Capital’s Roy Luo noted a clear hierarchy in the market, suggesting a predominant leader will emerge. OpenAI’s CFO Sarah Friar defended the company’s standing, emphasizing its historic $122 billion fundraising as a sign of ongoing investor trust. As both companies evolve, the competitive landscape continues to shift dramatically.
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