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[Derby]

https://www.ft.com/content/04ac7917-940b-4606-be5f-9eb895a7d982

OpenAI investors question $852bn valuation as strategy shifts

Chief executive Sam Altman refocuses AI company as Anthropic tests its early lead


Sam Altman © FT montage/Getty Images

OpenAI’s $852bn valuation is under increasing scrutiny from its own backers as the group switches focus to the enterprise market and tackling competition from Anthropic.

A recent flurry of deals, initiatives and abandoned projects is designed to reorient the company around a new strategy: defend ChatGPT’s dominance among consumers, while taking on Anthropic in the higher-margin market for corporate AI tools.

Some OpenAI investors told the FT the changes could leave it vulnerable to Anthropic and a resurgent Google, all while preparing for a blockbuster initial public offering as early as this year.

“You have ChatGPT, a 1bn-user business growing 50-100 per cent a year, what are you doing talking about enterprise and code?” said one early backer of OpenAI. “It’s a deeply unfocused company.”

OpenAI’s leadership is bullish, having already successfully repositioned the company multiple times. Chief executive Sam Altman is fresh from securing $122bn last month from more than 25 blue-chip investors including SoftBank, Amazon, Nvidia, Andreessen Horowitz, Sequoia Capital and Thrive Capital.

“The suggestion that investors are not supportive of our strategy defies the facts,” said Sarah Friar, OpenAI’s chief financial officer. “Our . . . raise, the largest in history, was oversubscribed, completed in record time and backed by a broad set of global investors, reflecting strong conviction in both our direction, current business momentum and long-term value.”


Sarah Friar says OpenAI’s $122bn funding round ‘gives us a lot of flexibility at this moment in time’ © Kyle Grillot/Bloomberg

The runaway success of Anthropic has precipitated a strategic rethink. The Claude-maker’s annualised revenue surged from $9bn at the end of 2025 to $30bn at the end of March, driven by demand for its coding tools.

Anthropic’s business appears to have leapfrogged OpenAI, which hit $25bn in annualised revenue in February, though the companies use different accounting methods to book revenue, making direct comparison difficult.

Denise Dresser, OpenAI’s new chief revenue officer, accused Anthropic of overstating their revenue “by roughly $8bn” by “grossing up [revenue] share with Amazon and Google”, in a note to staff on Sunday.

Both companies claim to use standard accounting practices. Anthropic “recognises gross revenue on sales through partners because it is the principal in the transaction and its cloud partners are the distribution channel”, said one person close to the company.

Dresser acknowledged Anthropic’s “coding focus gave them an early wedge” in the race for enterprise customers. But, she added, “the market is ours to win”.

The two start-ups are both losing billions of dollars each year, spending aggressively on computing power to train and run models.

One investor who has backed both companies said that in order to underwrite an investment in OpenAI’s recent round, they would have to assume an IPO valuation of $1.2tn or more.

That has become harder to justify given the cheaper proposition of buying into Anthropic, most recently valued at $380bn. The person added OpenAI risked being left “in no man’s land”.

Data from secondary marketplaces that trade proxies for both companies’ stock suggests demand is higher for Anthropic, and, for the first time, buyers are placing a premium on the start-up over OpenAI.

“There’s room for both but there is fundamentally a number 1 and a number 2 dynamic and the 1 will win disproportionately. We picked. We invested a lot into Anthropic,” said Roy Luo, a partner at Iconiq Capital, which has invested over $1bn into Anthropic and owns a smaller stake in OpenAI.

“Anthropic are enjoying their time in the sun, and we’re being congratulated,” he added. “But everyone was saying the same to OpenAI’s early investors last year.”

OpenAI still retains a lead among consumer users. Having beaten its rivals to launch ChatGPT in November 2022, it catalysed the creation of a new market for data centre financing, converted into a for-profit enterprise and committed hundreds of billions to secure computing power.

But Altman issued a “code red” late last year imploring staff to focus on core business. Last month, Fidji Simo, former Instacart chief and OpenAI’s CEO of applications, who is off on medical leave, urged employees to drop “side quests”.


Dario Amodei is the co-founder and chief executive of Anthropic © Samyukta Lakshmi/Bloomberg

Two weeks later the company spent in the “low hundreds of millions of dollars” on tech talk show TBPN. An OpenAI executive said the show was not a side quest because it doesn’t drain computing resources.

“I don’t get it frankly, it doesn’t make any sense to me,” said an OpenAI investor of the TBPN acquisition. “It’s a distraction and it irks me.”

Disney’s planned investment of $1bn evaporated as OpenAI shuttered the video generation service Sora. Microsoft has indicated it will take legal action if OpenAI’s new $50bn partnership with Amazon infringes on its exclusive cloud deal with the company.

Ambitions around Stargate, OpenAI’s $500bn data centre effort announced in the White House last year, have also shifted. Plans to develop a $30bn data centre in the UK and extend a site in Abilene, Texas, have both been ditched. A $100bn deal with Nvidia has also been substantially pared back.

Expansion continues in other areas. OpenAI plans to nearly double its headcount to 8,000 by the end of the year, at which point it expects to generate half of its revenue from businesses, up from about 40 per cent today.

On Monday, OpenAI said it had signed a lease for a new permanent office in London next year, where it wants to form the largest research hub outside the US.

It also spent last year inking massive deals to secure computing resources — an area where it has a clear advantage over Anthropic.

The company told investors last week that it had secured access to 8 gigawatts of computing capacity — a milestone OpenAI claims that Anthropic will not hit until the end of 2027 — as it aims to secure 30GW by the end of 2030.

Anthropic has faced outages and power constraints. Meanwhile, according to a person involved in OpenAI’s infrastructure efforts, “even if our model is less good, we can just serve it”.

Anthropic has not shared its plans to add computing power, but chief financial officer Krishna Rao said this month the company would take a “disciplined approach to scaling infrastructure”.

OpenAI is reallocating its own computing resources. As well as dropping Sora, it has also mothballed an “adult” chatbot. Instead, its focus has switched to selling its coding tool, Codex, to businesses.

Multiple people familiar with the company’s strategy said Codex might eventually take precedence over ChatGPT, as staff prioritise making the software more accessible for non-technical users.

“It’s just a much higher margin business and moving compute [computing resources] from consumer to enterprise is trivial,” said the person who has worked on OpenAI’s efforts to access computing resources.

“The company was doing too many things, it had too many bets. It’s about refocusing the business around a couple of core bets,” said another major investor in the group. “That’s it. You can’t as a company compete on 30 different fronts.”

Others see frequent switches of approach as a sign of strategic drift. Jai Das, president of investment firm Sapphire Ventures, described OpenAI as “the Netscape of AI”, referring to the once dominant internet company before being outstripped by Microsoft and acquired by AOL. Das is not an investor in either OpenAI or Anthropic.

Friar said the company still had the support of its investors given that OpenAI just closed the biggest private fundraising of all time.

The CFO said the $122bn raising “gives us a lot of flexibility at this moment in time. I view my job as always [to create] max flexibility, max optionality for the company, because then we can make more strategic decisions.”

Data visualisation by Clara Murray, additional reporting by Cristina Criddle

[grillo35]

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