Anthropic Valuation Reaches $380B as Investors Reconsider OpenAI's $852B Price Tag

Apr 15, 2026

Anthropic's valuation has reached $380 billion in April 2026 as its annualized revenue surged from $9 billion to $30 billion in just three months, driven largely by coding tool demand. Meanwhile, OpenAI's $852 billion valuation following its record $122 billion fundraising round is facing skepticism from some of its own investors, who told Financial Times that justifying the valuation requires assuming an IPO price of $1.2 trillion or more. Secondary market dynamics reflect this divergence, with Anthropic shares seeing insatiable demand while OpenAI shares trade at a discount. Jai Das of Sapphire Ventures compared OpenAI to Netscape, suggesting the AI leader could be overtaken by competitors despite its current dominance.

Anthropic's rapid revenue growth and rising valuation

▪Anthropic's annualized revenue jumped from $9 billion at the end of 2025 to $30 billion by the end of March 2026.
▪Anthropic's revenue growth was driven largely by demand for its coding tools.
▪Anthropic's valuation reached $380 billion as of April 2026.

Investor skepticism toward OpenAI's $852B valuation

▪One investor who has backed both OpenAI and Anthropic said justifying OpenAI's funding round required assuming an IPO valuation of $1.2 trillion or more.
▪Jai Das is president of investment firm Sapphire Ventures.
▪OpenAI's valuation is $852 billion.
▪Sam Altman previously led Y Combinator.
▪OpenAI raised $122 billion in the largest private fundraising in history.
▪Jai Das has no stake in either OpenAI or Anthropic.
▪OpenAI is scrambling to reorient itself around enterprise customers.
▪Jai Das described OpenAI as the Netscape of AI, referencing the once-dominant browser that was overtaken by Microsoft and eventually absorbed by AOL.
▪OpenAI's $852 billion valuation is facing skepticism from some of its own investors.

Secondary market dynamics and comparative investor sentiment

▪One investor who has backed both OpenAI and Anthropic views Anthropic's $380 billion valuation as a relative bargain compared to OpenAI.
▪OpenAI shares are trading at a discount in the secondary market.

Perspective of Investors who backed both OpenAI and Anthropic

▪Investors who backed both companies view Anthropic's $380 billion valuation as more sustainable than OpenAI's $852 billion valuation.
▪Some investors who backed both OpenAI and Anthropic are having second thoughts about OpenAI's valuation.

Perspective of Jai Das and Sapphire Ventures

▪Jai Das's Netscape comparison suggests OpenAI's first-mover advantage may not guarantee long-term dominance in AI.
▪Jai Das believes OpenAI could be overtaken by competitors like Netscape was overtaken by Microsoft in the browser market.

Perspective of Secondary market traders

▪Secondary market demand for Anthropic shares has become nearly insatiable as of April 2026.
▪Secondary market traders are pricing OpenAI shares below the company's primary funding round valuation.