OpenAI’s valuation of $852 billion is under scrutiny from some investors as the company shifts its focus to enterprise customers amid competition from Anthropic, according to the Financial Times.
Investors express concern regarding the sustainability of OpenAI’s valuation, which hinges on a projected IPO valuation of $1.2 trillion or greater. In contrast, Anthropic’s rapid growth is underscored by its annualized revenue, which surged from $9 billion at the end of 2025 to $30 billion by March, largely due to increased demand for its coding tools.
The secondary market reflects a similar trend, with demand for Anthropic shares significantly climbing while OpenAI shares are currently trading at a discount. An investor, who has backed both companies, indicated that justifying OpenAI’s current valuation requires ambitious assumptions about future performance.
The rivalry has grown increasingly personal. Denise Dresser, OpenAI’s chief revenue officer, recently accused Anthropic of overstating its revenue “by roughly $8bn” in a note to staff, alleging the competitor “grossed up” figures through its partnerships with Amazon and Google. Anthropic maintains its accounting follows standard practices as the principal in those transactions.
In defense of OpenAI’s valuation, CFO Sarah Friar pointed to the company’s $122 billion fundraising round, the largest private fundraising in history, as a demonstration of ongoing investor confidence.
Correction (April 17, 2026): A previous version of this article included comments attributed to Roy Luo of Iconiq Capital. These references have been removed to align with updated reporting from the primary source, which retracted the statements due to inaccuracies. The article has been updated to reflect the current revenue dispute between OpenAI and Anthropic.
