AI Investment Landscape Shifts as OpenAI Investors Turn to Anthropic
As OpenAI approaches the conclusion of a massive $100 billion funding round, and Anthropic has recently secured a staggering $30 billion, the concept of investor loyalty appears to be undergoing significant transformation. This trend is highlighted by the involvement of over a dozen investors formerly associated with OpenAI, who are now backing Anthropic in its recent financial endeavor.
Key investors in Anthropic’s latest round include prominent names such as Founders Fund, Iconiq, Insight Partners, and Sequoia Capital. While overlapping investments from hedge funds and asset management firms can be expected—given their broader focus on diverse public stocks—some dual interests raise eyebrows. A notable example is BlackRock, whose affiliated funds participated in Anthropic’s raise, despite senior managing director Adebayo Ogunlesi holding a board position at OpenAI. This highlights the potential conflict of interest in private investments where confidentiality and fiduciary duties come into play.
Traditionally, venture capital firms tout a “founder-friendly” approach, suggesting that when a firm invests in a startup, it acts to enhance that company’s success against its competitors. The question arises: for investors holding stakes in both OpenAI and Anthropic, where does their loyalty truly lie?
Sam Altman, a notable figure in venture capital as a former president of Y Combinator, is at the center of this narrative. In 2024, he reportedly provided OpenAI investors with a list of rival companies he preferred they avoid—companies linked to former OpenAI staff, such as Anthropic and xAI. Although Altman denied suggesting that investors backing rivals would be barred from future opportunities, he did clarify that non-passive investments would result in the loss of access to OpenAI’s confidential data.
The burgeoning demand for AI innovation and the monumental funding required to support AI labs pose new dynamics for investors. The unprecedented financial needs and potential for returns challenge traditional loyalty patterns.
Interestingly, while some venture investors are diversifying their portfolios across both companies, others maintain a more traditional stance. For instance, Andreessen Horowitz supports OpenAI but not Anthropic, while Menlo Ventures backs Anthropic without involvement in OpenAI.
In summary, the shifting landscape of investor loyalty in the AI sector calls for startups to reassess their terms and conflict-of-interest policies when engaging with prospective investors. As this trend continues to unfold, industry observers will be watching closely to see how these dynamics shape the future of AI innovation and competition.
