【AI】OpenAI not doing well? $600 million worth of shares are unsold and ignored. Enemy Musk: Not surprising. Rumor has it that the buyer is preparing to invest $2 billion in competitor Anthropic.

OpenAI “Not very promising”? According to reports, as investors quickly shifted to its biggest competitor Anthropic, OpenAI shares are no longer in demand in the private secondary market, and in some cases are even nearly impossible to sell. When Elon Musk, who has always had a tooth-and-nail grudge with OpenAI, responded to a related news post on X, he hinted with: “Not surprising.”

According to reports, Ken Smythe, founder of Next Round Capital, said that on his secondary trading platform, demand for OpenAI shares is falling. In recent weeks, about six institutional investors — including hedge funds and venture capital firms holding large stakes — have contacted to try to sell about $600 million worth of OpenAI shares. If it had been last year, these shares would likely have been snapped up within days, but now there is no buyer.

Ken Smythe said, “We can’t find a single person willing to take these shares in a buyer pool made up of hundreds of institutional investors,” while buyers say they have $2 billion in cash ready to put into Anthropic.

On other trading platforms, including Augment and Hiive, there has also been record demand for Anthropic. Adam Crawley, co-founder of Augment, said that the huge gap between OpenAI’s $852 billion valuation and Anthropic’s $380 billion valuation has prompted investors to rush to buy the latter’s equity, betting that its valuation will rise further.

He said:

“The risk-reward is better right now. People are betting that Anthropic’s valuation will catch up to OpenAI. But if you buy OpenAI shares, the return in the short term isn’t as clear.”

According to people familiar with the matter, banks, including Morgan Stanley and Goldman Sachs, have begun offering OpenAI shares to wealth management clients without charging performance-based fees. At the same time, Goldman Sachs still charges its clients as usual for investing in Anthropic, typically about 15% to 20% of profits.

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