Venture capital backs both OpenAI and Anthropic as AI rivals gear up for IPOs

Key Points

• Around 90 venture‑capital firms have invested in both OpenAI and Anthropic.
• 42% of OpenAI’s investors also back Anthropic; about one‑third of Anthropic’s investors sit on OpenAI’s cap table.
• Major shared investors include Sequoia Capital, Greylock, Founders Fund, Redpoint Ventures, Emerson Collective, Sound Ventures and Amazon.
• Both AI labs have raised over $100 billion each and are planning IPOs in 2026.
• Investors view the AI market as broad rather than a winner‑take‑all scenario, spreading bets across rivals.
• Some firms back only one lab—Khosla, Thrive on OpenAI; Menlo, General Catalyst on Anthropic.
• The overlap reflects larger VC funds and a shift toward diversified portfolios in the AI boom.