Investors Question OpenAI’s $852B Valuation as Enterprise Pivot Meets Anthropic Pressure

New updates have been reported about OpenAI.

OpenAI is facing mounting investor skepticism over its $852 billion valuation as the company shifts its focus more aggressively toward enterprise customers to defend share against rival Anthropic, according to the Financial Times. Some investors who hold stakes in both firms argue that OpenAI’s latest round only makes sense if public markets ultimately assign it a valuation of at least $1.2 trillion, a hurdle that makes Anthropic’s current $380 billion implied value look comparatively conservative.

The pressure is amplified by private-market trading, where Anthropic’s shares are reportedly seeing strong secondary demand while OpenAI equity is changing hands at a discount, signaling a divergence in perceived near-term upside. OpenAI CFO Sarah Friar has countered doubts by emphasizing that the company’s record $122 billion capital raise — the largest private financing ever — reflects deep investor conviction in its long-term prospects, even as some outside observers liken OpenAI’s position to Netscape’s early internet lead that was later eroded by larger rivals.