MoneyThe story, in brief
Anthropic’s rise is giving some OpenAI investors second thoughts
OpenAI's latest round now requires a $1.2T IPO valuation to justify. Anthropic at $380B suddenly looks like the smarter bet.
The KeyNews take
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.
The key facts
5 to knowOpenAI'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)
Go to the source
TechCrunch AItechcrunch.com
Publisher excerpt: 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.