#Gate上线Pre-IPOs Both are currently the hottest targets in the AI sector.

Their respective core logic

OpenAI consumer dominance
ChatGPT is the world's largest AI consumer gateway, with unbeatable brand recognition
Backed by giants like Microsoft, NVIDIA, Amazon, SoftBank, etc.
Projected full-year revenue for 2025 is about $13 billion, with a $3 billion participation open to retail investors
Aim for $280 billion in revenue by 2030—an extremely ambitious goal, but the path to reach it still needs validation
Currently valued at $852 billion, with an implied price-to-sales ratio as high as 58 times, incredibly expensive!

Anthropic's enterprise dark horse
Breaking through in the enterprise/developer market with Claude, with explosive growth in programming tools
Annualized revenue growth recently far surpasses OpenAI, with institutional demand nearly "sold out"
According to reports, buyers have $2 billion on the waiting list, while OpenAI’s secondary market share of $600 million is actually hard to sell
Coatue predicted in an investor presentation earlier this year that Anthropic’s 2030 valuation could approach $2 trillion, with a valuation of about $380 billion—lower entry cost compared to OpenAI
.

Secondary market sentiment comparison, recent data
Anthropic’s private secondary market demand far exceeds supply, with a clear premium
OpenAI’s secondary share faces selling pressure, trading at a discount with a valuation of $765 billion

Core risks, shared by both
The AI industry is burning money aggressively, with both currently in large losses
If IPO pricing is anchored to current valuations, there’s significant room for downward adjustment after listing
Regulatory risks—AI safety, data privacy—persist
Pre-IPO liquidity is extremely poor, unable to exit before the lock-up period ends

How to choose?
If pursuing a larger narrative and brand security
OpenAI’s consumer moat is broader, but the $852 billion valuation means you’re already paying for many expectations when entering. If you seek cost-effectiveness and flexibility, Anthropic’s current valuation is relatively reasonable, with faster enterprise growth, significantly more institutional buying enthusiasm than OpenAI, and possibly an earlier listing window.
Of course, pre-IPO is essentially private equity, with poor liquidity, information asymmetry, and valuation bubble risks overlapping.
No matter which one you choose, position control is more important than the choice itself. It’s recommended to treat it as a small part of high-risk allocation rather than a heavy bet.