Debate over AI sector valuation: OpenAI vs Anthropic

Staff Reporter: PNN

A fresh debate has emerged over investment and company valuations in the artificial intelligence (AI) sector, particularly surrounding OpenAI and Anthropic.

According to a Financial Times report, justifying OpenAI’s latest funding round would require assuming a future IPO valuation exceeding $1.2 trillion. In contrast, some investors consider Anthropic’s current valuation of around $380 billion more reasonable.

A similar trend is observed in secondary markets, where demand for Anthropic shares is rising, while OpenAI shares are reportedly trading at a discount.

OpenAI CEO Sam Altman has faced such valuation debates before. During his tenure at Y Combinator, some startups struggled due to inflated valuations, while others exceeded expectations.

OpenAI CFO Sarah Friar defended the company, stating that its recent $122 billion fundraising demonstrates strong investor confidence.

Meanwhile, Sapphire Ventures President Jai Das compared OpenAI to “the Netscape of AI,” referencing the once-dominant browser that later declined.

Analysts say that while investment in AI is rapidly increasing, long-term success will depend on technological advancement and strategy.