The Money TrailApril 15, 2026via TechCrunch AI
Anthropic’s rise is giving some OpenAI investors second thoughts
Why it matters
Investor confidence is bifurcating between the two AI leaders. OpenAI's valuation expansion is forcing LPs to reassess opportunity cost versus Anthropic's lower entry point and comparable capability trajectory.
Key signals
- OpenAI's recent round requires $1.2T+ IPO valuation assumption to justify returns
- Anthropic current valuation: $380B
- Both companies backed by same investor cohort, creating direct comparison pressure
- Valuation arbitrage creating second-thoughts among dual investors
- Article published Apr 15, 2026 (recent)
The hook
OpenAI's latest round now requires a $1.2T IPO valuation to justify. Anthropic at $380B suddenly looks like the smarter bet.
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.
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