OpenAI share demand cools as buyers pivot to Anthropic

Secondary market demand for OpenAI shares has cooled even as the ChatGPT maker said it finalized a US$122 billion fundraising as buyers shift to Anthropic.

Next Round Capital founder Ken Smythe said about a half-dozen institutional investors recently sought to sell roughly US$600 million of OpenAI stock through his marketplace, but he could not find a buyer.

Demand has moved to Anthropic, with indications of about US$2 billion of buying demand and some trades use SPVs.

OpenAI warned investors to be cautious of SPV-linked share access, while secondary bids softened to about US$765 billion. Anthropic bids were near US$600 billion.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

OpenAI opens a channel for everyday investors

OpenAI’s US$122 billion funding round at a US$852 billion valuation added a new route for individual investors to participate 1.
OpenAI raised more than US$3 billion from individual investors through bank channels, plus it said it would be added to exchange-traded funds managed by ARK Invest, an investment firm known for technology-focused funds 2.
This creates an official way for individuals to invest, which can cut dependence on informal secondary brokers and special purpose vehicles (SPVs), which are separate legal entities created to pool investors for a deal, though secondary market trading can still continue 2.

Infrastructure costs shape the deal and its conditions

Demand for chips and data centers is pushing OpenAI to make sharper trade-offs 3.
OpenAI has tightened its product focus on enterprise offerings and coding tools as competition grows, including Anthropic’s pull with developers 2.
A large share of the money comes with conditions. US$35 billion of Amazon’s US$50 billion investment depends on OpenAI going public or reaching a technological milestone 3.
Those expectations may sway broader investor views, including activity beyond secondary market trades 3.