I’d argue openAI has put their cards on the table and they don’t have anything special, while Anthropic has not.

Their valuations come from completely different calculus: Anthropic looks much more like a high potential early startup still going after PMF while OpenAI looks more like a series B flailing to monetize.

The cutting edge has largely moved past benchmarks, beyond a certain performance threshold that all these models have reached, nobody really cares about scores anymore, except people overfitting to them. They’re going for models that users like better, and Claude has a very loyal following.

TLDR, OpenAI has already peaked, Anthropic hasn’t, this the valuation difference.