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Assessing Risks: Do Multiple Funding Rounds for Leading AI Startups Indicate an AI Bubble? A Look at OpenAI and Anthropic

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Startups like OpenAI, Anthropic, Mercor, Cursor, Reflection AI, OpenEvidence, Lila Sciences, and Harmonic are several others which have carried out two or more funding rounds in 2025.

Amid fears of an AI bubble, top technology startups, including OpenAI, Anthropic, and Mercor, are rapidly raising multiple rounds of funding in 2025, significantly boosting their valuations. As reported by Fortune, these back-to-back funding rounds can provide strategic advantages if they focus on product market fit and execution. However, they can also become a liability when priorities shift from foundational growth to merely fundraising, as highlighted by Jennifer Li from Andreessen Horowitz. Notably, OpenAI recently surged from a $300 billion to a $500 billion valuation, illustrating the volatile landscape. Experts like Tom Biegala warn that similarities to the 2021 funding frenzy, primarily driven by zero-interest rates, may not indicate real progress by the companies. As AI investment intensifies, investors must navigate these challenges carefully to avoid potential pitfalls in a rapidly evolving market.

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