According to a report by the Financial Times, some investors are questioning OpenAI's high valuation due to strong competition from Anthropic. OpenAI's current valuation is approximately $852 billion, while Anthropic's annual revenue was only $9 billion at the end of 2025, but it surged to $30 billion by March 2026. This growth was mainly driven by strong demand for its coding tools.

Meanwhile, an investor who has invested in both OpenAI and Anthropic said that the reasonableness of OpenAI's recent funding assumes its initial public offering (IPO) valuation needs to reach $1.2 trillion or higher. In comparison, Anthropic's current valuation of $380 billion seems relatively more affordable.

In the secondary market, there is much greater demand for Anthropic's stock than supply, while OpenAI's stock is traded at a discount. This phenomenon is not unfamiliar to OpenAI's CEO Sam Altman. When he managed Y Combinator, high valuations led to financial problems for some startups, while others proved their value far exceeded expectations.

Roy Luo, a partner at Iconiq Capital, said that although both OpenAI and Anthropic have room to survive, in the competition, the first place will eventually dominate. He mentioned that they have made their choice, favoring Anthropic. In contrast, OpenAI's Chief Financial Officer Sarah Friar insisted that the company's $122 billion funding — one of the largest private financings in history — shows continued investor confidence.

Key Points:

- 🚀 Anthropic's annual revenue soared from $9 billion at the end of 2025 to $30 billion by March 2026.

- 💰 OpenAI's valuation assumes an IPO of $1.2 trillion or higher, while Anthropic appears relatively more affordable with a current valuation of $380 billion.

- 📉 The market reflects strong demand for Anthropic's stock, while OpenAI's stock is traded at a discount.