OpenAI demand sinks on secondary market as Anthropic runs hot
anthropic openai
| Source: HN | Original article
OpenAI’s private‑market shares have hit a wall, with Bloomberg reporting that secondary‑market sellers are finding almost no takers while Anthropic’s stock is drawing record demand. The shift is stark: investors are dumping OpenAI equity that once commanded a premium, even as the company’s valuation hovers near $852 billion, whereas Anthropic, valued at roughly $380 billion, is seeing more than $1.6 billion of secondary‑market interest and a sizable premium, according to Augment co‑founder Adam Crawley.
Ken Smythe, founder of Next Round Capital, said demand for OpenAI shares has “collapsed” compared with last year, when the firm’s secondary market was a hot ticket. He attributes the reversal to a combination of OpenAI’s soaring valuation, concerns over governance transparency, and the perception that Anthropic’s Claude models are closing the performance gap while operating at a lower price point. Anthropic’s co‑founder Prab Rattan echoed the sentiment, calling the current demand “one of the highest we’ve ever seen” and suggesting investors view the company as a more disciplined, upside‑rich alternative.
The move matters because it signals the end of the one‑company thesis that dominated AI investing in 2023‑24. Capital is becoming more selective, rewarding firms that can demonstrate sustainable growth, clear governance and realistic valuations. A cooling secondary market for OpenAI could also pressure the startup to adjust its fundraising strategy ahead of a planned public listing, which analysts expect to materialise by late 2026.
Watch for OpenAI’s response: possible share‑price revisions, a secondary‑sale window, or a strategic partnership to revive investor confidence. Anthropic’s next funding round, likely to test whether the current premium can be sustained, will be a bellwether for the broader AI capital market. The evolving dynamics will shape where venture and private‑equity dollars flow as the sector matures.
Sources
Back to AIPULSEN