Concerns are growing among some investors about whether OpenAI can fully justify its massive $852 billion valuation, as competition intensifies in the artificial intelligence sector. According to reporting from the Financial Times, some backers are beginning to rethink expectations as the company shifts more aggressively toward enterprise customers while facing rising pressure from rivals.
At the center of this shift is Anthropic, which has seen explosive growth in its business performance. The company’s annualized revenue reportedly surged from around $9 billion at the end of 2025 to $30 billion by March, largely driven by strong demand for its AI-powered coding tools. This rapid rise has positioned Anthropic as one of OpenAI’s most serious competitors in the fast-moving AI market.
Some investors who have stakes in both companies told the Financial Times that OpenAI’s valuation only makes sense under very optimistic assumptions, including the expectation of a future IPO valuing the company at $1.2 trillion or more. In contrast, Anthropic’s current valuation of about $380 billion is now being viewed by some in the market as comparatively attractive, especially given its accelerating revenue growth.
Market signals appear to reflect this shift in sentiment. In secondary trading markets, demand for Anthropic shares has reportedly surged, while OpenAI shares are being traded at a discount. This divergence suggests investors are becoming more selective about which AI leaders they believe will dominate the long term race.
Despite the skepticism, OpenAI’s leadership remains confident. CFO Sarah Friar defended the company’s position, pointing to its historic $122 billion fundraising round as evidence of strong investor support. Still, critics like Sapphire Ventures’ Jai Das have compared OpenAI’s trajectory to past tech giants that initially dominated their markets but were later overtaken, highlighting the uncertainty that still surrounds the future of the AI industry.
source: techcrunch