【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「u000唔馨香」? According to reports, as investors quickly shifted to its biggest rival, Anthropic, OpenAI’s shares are no longer in demand in the private secondary market, and in some cases, they are even almost impossible to offload.

The report says that Elon Musk, who has long had a “teeth-mark” association with OpenAI, when responding to related-news posts on X, took a dig at it, saying: “Not surprising.”

The report says that Ken Smythe, founder of Next Round Capital, stated that on his secondary-market trading platform, demand for OpenAI shares is declining. In recent weeks, about six institutional investors—including hedge funds and venture capital firms holding large stakes—have been contacting others hoping to sell roughly $600 million worth of OpenAI shares. If last year these shares would have been snapped up within days, but now there is no buyer.

Ken Smythe said, “We can’t find anyone at all willing to take these shares within a buyer pool made up of hundreds of institutional investors,” while buyers say there is $2 billion in cash ready to be put into Anthropic.

On other trading platforms, including Augment and Hiive, demand for Anthropic at record levels has also emerged. Adam Crawley, co-founder of Augment, said 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 shares in OpenAI, the return is not as clear in the short term.”

According to people familiar with the matter, banks—including Morgan Stanley and Goldman Sachs—have started offering OpenAI shares to wealth management clients without charging a performance-fee. At the same time, Goldman Sachs still charges clients who want to invest in Anthropic according to the usual practice, typically about 15% to 20% of profits.

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