Their valuations differ by about 13%. That's close enough that I wouldn't call it "blown past".

Things change fast in this space. Anthropic had a big boost from having the premier coding model for a while, but GPT-5.5 has closed that gap at a time when a lot of Anthropic customers are looking for cheaper alternatives.

Anthropic is coming off of a recent change to their enterprise billing that substantially changed the pricing for many users. They were smart to do the fundraising before the effects of that change could fully propagate.

Anthropic is at the mercy of 3rd party datacenter contracts. AFAIK OpenAI will soon run mostly on on their own GPUs.

I don't like Altman and I am still upset about his memory deal last year but he prepared for the current shortages months before anybody else. Meanwhile, Anthropic seems to lack any plans besides third party contracting. IMHO they got very lucky with xAI and Google having spare capacity and willing to rent it. But what about next year?

Anthropic is riding a hype wave as a result of brilliant marketing. OpenAI has the better products, higher reliability and better community relations. I don't expect the situation to continue.

OpenAI isn't shaky or vulnerable, this market will need at least 2 players.

I see most of the surge here comes FOMO AI spending which will have to be dialed down later half of the year, otherwise those companies will have to layoff to fund their AI bill, which is harmful to their business.

Anthropic grabs its bag at the peak, but feast is over.

Having used Codex though I don’t think OpenAI needs to worry. It’s a solid product and they will share the market.

Anthropic is the Google to OpenAI's Yahoo.

I wonder if being consistently candid is a superior business strategy?

This business and financial race is probably the craziest in human history, so zig-zags are expected. One company may take advantage on one curve while another is stuck in the pits.

How? OpenAI and Antrophic are basically the Big 2 racing away at light speed; the others who can't get near them are perhaps shaky & vulnerable. And sure, there's a garden full of those.

I’m not so sure. We only need to look at Uber’s example of companies realizing they’re spending way too much and trying to rein it in. Claude has excellent revenue but it is highly dependent on very rich technology companies continuing to spend lavishly without seeing returns. The music will stop at some point and Anthropic will be hit the hardest. OpenAI may have less revenue but it is distributed across many, many more customers and use cases, it’s resilient. And even if Anthropic do, somehow, manage to keep their customers spending huge amounts on Claude, they’re very vulnerable to being undercut by OpenAI given codex is pretty much at parity. Anthropic seems more vulnerable to me.

“Caballo que alcanza, gana”

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