A growing number of investors are expressing reservations about OpenAI's roughly $852 billion valuation as the company redirects its commercial emphasis and contends with intensifying competition in the artificial intelligence space. Those investors say the strategy change - a heavier push into enterprise accounts while striving to retain ChatGPT's consumer base - could create vulnerabilities as the firm prepares for a potential public listing as early as this year.
Several backers told investors that this reorientation risks diluting focus at a time when OpenAI continues to see strong consumer traction. The concern stems from balancing efforts to broaden enterprise revenues against the need to protect the platform's consumer appeal, with some investors warning that such shifting priorities could complicate the company’s growth path.
The debate over strategic direction has intensified as rivals gain momentum. Anthropic's annualised revenue reportedly rose to around $30 billion by March, up from $9 billion at the end of 2025, driven in part by demand for its coding tools. By comparison, OpenAI reached roughly $25 billion in annualised revenue in February, though observers note accounting differences that make direct comparisons difficult.
OpenAI executives have defended the company's course. The finance chief, Sarah Friar, pointed to a recent $122 billion funding round as evidence of robust investor support for the firm’s strategy. Despite that defense, some investors remain cautious, arguing that heightened competition and evolving corporate priorities add uncertainty to OpenAI's trajectory ahead of any public offering.
Investors' concerns highlight potential implications for markets and sectors tied to artificial intelligence adoption, including enterprise software, cloud infrastructure, and developer tooling. The balance between sustaining consumer engagement and accelerating enterprise sales will be a focal point for stakeholders monitoring the company's near-term performance and path to a potential IPO.
Summary
Some investors are scrutinising OpenAI's $852 billion valuation as the company shifts its emphasis toward enterprise customers while aiming to preserve ChatGPT's consumer position. Rising competition from Anthropic and worries about strategic focus ahead of a possible IPO have fuelled that scrutiny. OpenAI highlights a recent $122 billion funding round as a sign of investor backing, while annualised revenue comparisons with Anthropic are complicated by accounting differences.
Key Points
- OpenAI is reorienting toward enterprise clients while also seeking to defend ChatGPT in the consumer market, raising investor questions about focus and execution.
- Anthropic's annualised revenue reportedly climbed to about $30 billion by March, up from $9 billion at the end of 2025, increasing competitive pressure in AI products such as coding tools; OpenAI reached roughly $25 billion in annualised revenue in February, with accounting differences complicating direct comparison.
- OpenAI points to a $122 billion funding round as evidence of strong investor support even as some backers warn that competition and shifting priorities could affect growth prospects and the timing or success of a potential IPO.
Risks and Uncertainties
- Strategic risk: The move to prioritise enterprise accounts could dilute focus on consumer momentum, potentially affecting user engagement and product positioning in consumer-facing AI - relevant to the consumer internet and software sectors.
- Competitive risk: Anthropic's rapid revenue growth intensifies market competition, which could pressure pricing, product differentiation, and customer retention across AI-related markets such as developer tools and cloud services.
- Execution and market timing risk: Preparing for a possible IPO as early as this year introduces uncertainty around market reception and valuation, especially amid evolving priorities and competitive dynamics.