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OpenAI\u2019s $852 billion valuation is facing skepticism from some of its own investors as the company scrambles to reorient itself around enterprise customers and fend off Anthropic, according to the Financial Times<\/a>.<\/p>\n Anthropic\u2019s annualized revenue jumped from $9 billion at the end of 2025 to $30 billion by the end of March, driven largely by demand for its coding tools. One investor who has backed both companies told the FT that justifying OpenAI\u2019s round required assuming an IPO valuation of $1.2 trillion or more \u2014 making Anthropic\u2019s current $380 billion valuation<\/a> look like the relative bargain. <\/p>\n The secondary market tells a similar story right now, where demand for Anthropic shares has grown nearly insatiable while OpenAI shares are trading at a discount<\/a>.<\/p>\n Altman has been here before. During his tenure leading Y Combinator, aggressive valuation inflation<\/a> left some portfolio companies financially stranded while others proved worth every penny and then some. <\/p>\n Iconiq Capital partner Roy Luo \u2014 whose firm has invested over $1 billion in Anthropic while holding a smaller stake in OpenAI \u2014 told the FT where he stood. \u201cThere\u2019s room for both, but there is fundamentally a number one and a number two dynamic, and the number one will win disproportionately,\u201d he said. \u201cWe picked.\u201d OpenAI CFO Sarah Friar pushed back, telling the FT that the company\u2019s $122 billion raise<\/a> \u2014 the largest private fundraising in history \u2014 was evidence of continued investor confidence.<\/p>\n<\/div>\n