OpenAI’s $852 billion valuation is facing skepticism from some of its own investors as the company scrambles to reorient itself around enterprise customers and fend off Anthropic, according to the Financial Times. Anthropic’s annualized revenue jumped from $9 billion at the end of 2025 to $30 billion by the end of March, driven largely by demand for its coding tools. One investor who has backed both companies told the FT that justifying OpenAI’s round required assuming an IPO valuation of $1.2 trillion o ...

公司估值与市场情绪 - 市场对OpenAI高达8520亿美元的估值存在质疑 部分投资者持怀疑态度 [1] - OpenAI的投资者若要为其最新一轮融资辩护 需假设其IPO估值达到1.2万亿美元或以上 [2] - 相比之下 Anthropic目前3800亿美元的估值显得相对便宜 [2] - 在二级市场上 Anthropic的股票需求几乎无法满足 而OpenAI的股票则存在折价交易 [3] 公司财务与业务表现 - Anthropic年化收入从2025年底的90亿美元跃升至3月底的300亿美元 增长主要由其编码工具的需求驱动 [2] - OpenAI完成了历史上规模最大的私人融资 筹集了1220亿美元的资金 公司CFO将此视为投资者信心持续的证明 [4] 竞争格局与战略动向 - OpenAI正忙于重新调整其业务重心 转向企业客户 以抵御来自Anthropic的竞争 [1] - 有同时投资两家公司的投资者指出 该领域存在明显的“第一和第二”的动态 第一名将获得不成比例的胜利 [4] - 投资机构Iconiq Capital在Anthropic的投资额超过10亿美元 而对OpenAI的持股规模较小 [4]