Anthropic Emerges as New Investor Favorite as OpenAI Cools in Secondary Market

The secondary market for AI has recently experienced subtle shifts. OpenAI shares, once in high demand, are now facing a sudden cool-down in the resale market, with $600 million worth of equity sitting unsold — a stark contrast to the days when such shares would sell out within days.
In sharp contrast, Anthropic, its main competitor, has become the new focus of capital markets. Data indicates a surge in investor interest in Anthropic, with roughly $2 billion in buyer funds already lined up, awaiting entry.
Valuation inversion is reshaping investment logic
Analysts attribute the investor shift primarily to the premium potential created by the valuation gap between the two companies. OpenAI's high valuation makes short-term returns uncertain, whereas Anthropic's lower valuation base offers investors a clearer path to doubling their investment.
Moreover, OpenAI's escalating infrastructure costs and operating expenses have made some institutional investors cautious. In contrast, Anthropic's steady growth in the enterprise customer segment makes it more appealing in terms of performance and scalability.
Intensifying competition signals a reshaping of the industry structure
Top investment banks like Goldman Sachs and Morgan Stanley are now offering equity subscription channels for both companies to their wealth management clients. Despite recent security incidents, such as code leaks at Anthropic, market enthusiasm remains high, with the premium even exceeding 50%.
With OpenAI potentially going public this year, the capital race in the AI industry has reached a fever pitch. This secondary market “cash-gathering race” is not just a contest between two companies; it also reflects the evolution of the large model sector from a single leader to a multipolar competitive landscape.
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The secondary market for AI has recently experienced subtle shifts. OpenAI shares, once in high demand, are now facing a sudden cool-down in the resale market, with $600 million worth of equity sitting unsold — a stark contrast to the days when such shares would sell out within days.
In sharp contrast, Anthropic, its main competitor, has become the new focus of capital markets. Data indicates a surge in investor interest in Anthropic, with roughly $2 billion in buyer funds already lined up, awaiting entry.
Valuation inversion is reshaping investment logic
Analysts attribute the investor shift primarily to the premium potential created by the valuation gap between the two companies. OpenAI's high valuation makes short-term returns uncertain, whereas Anthropic's lower valuation base offers investors a clearer path to doubling their investment.
Moreover, OpenAI's escalating infrastructure costs and operating expenses have made some institutional investors cautious. In contrast, Anthropic's steady growth in the enterprise customer segment makes it more appealing in terms of performance and scalability.
Intensifying competition signals a reshaping of the industry structure
Top investment banks like Goldman Sachs and Morgan Stanley are now offering equity subscription channels for both companies to their wealth management clients. Despite recent security incidents, such as code leaks at Anthropic, market enthusiasm remains high, with the premium even exceeding 50%.
With OpenAI potentially going public this year, the capital race in the AI industry has reached a fever pitch. This secondary market “cash-gathering race” is not just a contest between two companies; it also reflects the evolution of the large model sector from a single leader to a multipolar competitive landscape.
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