OpenAI’s $852 Billion Valuation Faces Investor Questions as Strategy Shifts to Enterprise

TLDR

• Some OpenAI investors are questioning the company’s $852 billion valuation as it pivots toward enterprise customers
• OpenAI revised its product roadmap twice in the past six months
• Anthropic’s annualised revenue hit ~$30 billion by March, overtaking OpenAI’s ~$25 billion
• OpenAI raised $122 billion in funding, but investor sentiment remains mixed
• A potential IPO could come as early as this year, adding pressure on the company’s direction

OpenAI is facing growing questions from some of its own investors about its $852 billion valuation. The concerns come as the company shifts its strategy toward enterprise customers, moving away from its consumer-first identity built around ChatGPT.

The Financial Times reported on Tuesday that some backers are worried about a lack of focus at the company. One early investor pointed to ChatGPT’s massive consumer base as a reason to stay the course. “You have ChatGPT, a 1 billion-user business growing 50-100% a year, what are you doing talking about enterprise and code?” the investor told the FT.

OpenAI has revised its product roadmap twice in the past six months. Those changes were made in response to shifting competitive pressures in the AI space.

The company’s main rivals are gaining ground. Anthropic’s annualised revenue grew to around $30 billion by March 2026, up from $9 billion at the end of 2025. That growth was largely driven by demand for its coding tools. OpenAI reached roughly $25 billion in annualised revenue in February, though direct comparisons are difficult due to accounting differences.

Google has also re-entered the AI competition with renewed force, adding to the pressure on OpenAI’s market position.

Revenue Race Tightens

The gap between OpenAI and Anthropic has narrowed sharply in a short period of time. Some industry watchers now predict Anthropic could surpass OpenAI in revenue within months.

OpenAI did complete a $122 billion funding round last month, which would rank as one of the largest in Silicon Valley history. The round was described by an OpenAI spokesperson as “oversubscribed, completed in record time and backed by a broad set of leading global investors.”

Chief Financial Officer Sarah Friar pushed back on claims of investor dissatisfaction, pointing to the fundraise as evidence of strong backing. The company says its direction has broad support from investors.

IPO Plans Add More Scrutiny

OpenAI is also preparing for a potential initial public offering as early as this year. That timeline puts extra weight on how the company handles its current strategy questions.

Investors going into a public offering want to see a clear and consistent roadmap. The two changes to OpenAI’s product direction in six months have made some backers uneasy about long-term positioning.

The company’s consumer platform, ChatGPT, continues to show strong growth. The push into enterprise software is seen by some as a distraction from that momentum.

OpenAI has not confirmed any IPO date. The company continues to defend its strategy as both focused and backed by strong investor conviction.

Anthropic’s annualised revenue figure of $30 billion as of March 2026 remains the most recent data point in the ongoing revenue comparison between the two AI companies.

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