Investors question OpenAI IPO valuation after Anthropic triples revenue
OpenAI is getting some tough questions from investors as they gear up for its IPO.
The buzz? Rival AI company Anthropic just more than tripled its annualized revenue in a few months (jumping from $9 billion at the end of 2025 to $30 billion by March 2026) thanks to huge demand for its coding tools.
Now, people are wondering if OpenAI's massive $852 billion valuation still makes sense.
Anthropic favored, Sarah Friar defends OpenAI
Anthropic's rapid growth has made its $380 billion price tag look pretty tempting compared to OpenAI's assumed IPO valuation of $1.2 trillion or more.
Investors seem to agree: Anthropic shares are hot in the secondary market, while OpenAI shares are trading at a discount.
Still, OpenAI CFO Sarah Friar says she's confident about the future, pointing out their record-breaking $122 billion fundraising and reminding everyone that Sam Altman has handled big valuation debates before.