Recently, the secondary market for artificial intelligence has seen subtle changes. The once-hot OpenAI shares have encountered a "spring cold snap" in the resale market, with equity that used to be sold out within days now facing an awkward situation of 600 million dollars waiting to be sold but without buyers.
In sharp contrast, its main competitor Anthropic has become the new focus of the capital market. Data shows that investor interest in Anthronic has surged, with about 2 billion dollars in buyer funds already accumulated waiting to enter the market.
Valuation inversion triggers a shift in investment logic
Analysts point out that the main driver of the investor shift is the premium space brought by the valuation difference between the two companies. OpenAI's current valuation is high, and the short-term return logic is not clear, while Anthropic's smaller valuation base allows investors to see greater potential for doubling.
Additionally, the continuously rising infrastructure investments and operating costs of OpenAI have made some institutional investors cautious. In comparison, Anthropic's steady expansion in the enterprise customer market has made it more attractive in terms of growth performance.
Intensified competition signals reshaping of industry structure
Currently, top investment banks including Goldman Sachs and Morgan Stanley have begun to offer equity subscription channels for these two companies to their wealth management clients. Although Anthropic has recently faced security challenges such as code leaks, the market's enthusiasm for it remains strong, with the premium even exceeding 50%.
With OpenAI possibly going public this year, the capital competition in the AI industry has entered a feverish stage. This "cash-gathering race" in the secondary market is not only a competition between the two companies, but also signals the evolution of the large model sector from a single leader to a multi-polar competition landscape.
