Anthropic’s rise is giving some OpenAI investors second thoughts

An investor said justifying OpenAI’s latest funding round required assuming an IPO valuation of at least $1.2 trillion, which makes Anthropic’s current $380 billion valuation appear relatively cheap. This comparison highlights the massive scale of OpenAI’s market expectations versus its competitors.

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.