Major investors funding OpenAI have taken a wait-and-see stance: they want to see the market price of Anthropic's shares before deciding on new injections into the creator of ChatGPT. In parallel, OpenAI has already cut its funding target by $10 billion — a signal the market cannot ignore.
Anthropic, the developer of the Claude chatbot, is preparing to go public. Against the backdrop of a broad decline in the tech sector, OpenAI's valuation has fallen by $150 billion — from $1.4 trillion to $1.25 trillion. This is the first large-scale revaluation of the generative AI market leader.
What is happening in the AI market
Even before the correction began, investor interest in new rounds was minimal. Previous rounds were accompanied by a veritable scramble for allocation — now there is complete calm. The Nasdaq-100 lost about $2 trillion during the October tech sell-off: investors began to doubt the financial returns from artificial intelligence.
By the end of the week, some investors had reduced their investment amounts. The first round is expected to close at less than $20 billion — against an original target of $30 billion, the gap reaches $10 billion.
Who remains in the market
The largest investor is expected to be a group from the UAE, including the state fund MGX. In return, OpenAI will receive an option to lease new computing capacity in the region. Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz also plan to join. Some major investors reduced their share at a valuation of $1.25 trillion, and shares at the same price will later be offered to private individuals.
Early investors are still in profit: Amazon, Nvidia and SoftBank bought the securities in March at a valuation of $852 billion — the current value is roughly 47% higher.
The key test comes in the coming weeks. Anthropic may list on Nasdaq as early as mid-November, and then investors will get a market price for their investments. OpenAI sought to complete the deal before that moment, since both companies target the same investors.
"The market needs to see a successful listing. The companies are in acute need of additional financing," notes Jimmy Chang of Rockefeller Global Family Office, which has invested in both OpenAI and Anthropic.
Cryptalist analysis: The upcoming Anthropic IPO serves as a price benchmark for the entire generative AI sector, and the configuration of OpenAI's next round will depend precisely on the results of the listing. The $10 billion cut in the funding target and the $150 billion revaluation indicate a shift in the market from euphoria to disciplined risk assessment. If the Anthropic listing is successful, it could restore appetite for capital in the sector; otherwise, pressure on the valuations of private AI companies will intensify.