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

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