Anthropic’s rise is giving some OpenAI investors second thoughts
TechCrunch / 4/15/2026
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Key Points
- An investor speaking to the Financial Times suggests that valuing OpenAI’s recent funding round required assuming an IPO valuation of $1.2 trillion or higher, making Anthropic’s roughly $380 billion valuation appear comparatively attractive.
- The article frames Anthropic’s stronger perceived valuation as causing some OpenAI investors to rethink the relative economics of holding OpenAI versus Anthropic.
- The comparison highlights how investor assumptions about future public-market pricing can shift sentiment even without any new product or technical development being announced.
One investor who has backed both companies told the FT that justifying OpenAI's recent round required assuming an IPO valuation of $1.2 trillion or more — making Anthropic's current $380 billion valuation look like the relative bargain.
