Several prominent investors are reconsidering their positions in OpenAI as rival Anthropic demonstrates stronger-than-expected market traction, according to financial analysts and venture capital sources. The reassessment follows Anthropic’s recent $380 billion valuation milestone, which makes OpenAI’s rumored $1.2 trillion IPO target appear increasingly ambitious.
Market analysts note the AI sector is entering a phase of valuation realism after 2025’s hype cycle. “You’re seeing investors apply more disciplined growth projections,” said a tech banking source who requested anonymity due to client relationships. “When two companies have similar tech stacks but a 3x valuation gap, people start asking hard questions.”
Both companies count Microsoft and Google as strategic investors, though their technical approaches differ. OpenAI has focused on scaling existing models while Anthropic has emphasized constitutional AI techniques. Three VC firms that backed both companies confirmed to TechCrunch they’re reallocating funds toward what they see as better risk-adjusted returns.
The shifting dynamics could accelerate IPO timelines for both firms as they compete for institutional capital. However, some analysts caution that macroeconomic conditions may not support such valuations. “These numbers assume perfect execution and zero regulatory hurdles,” noted Bernstein’s AI sector lead. “2026 will separate the contenders from the pretenders.”