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OpenAI's $852B valuation faces investor scrutiny amid strategy shift, FT reports

https://www.reuters.com/legal/transactional/openai-investors-question-852-billion-valuation-strategy-shifts-ft-reports-2026-04-14/
59•abdelhousni•1h ago

Comments

fraywing•1h ago
What happens if OpenAI collapses at this point? Is it just too big to fail given defense contracts and Microsoft?

The Sora sunsetting marked a big shift towards enterprise focus and meeting Anthropic on the enterprise battlefield, but almost all engineers I work with or know are using Claude at this point exclusively.

Anyone seeing differently?

Invictus0•1h ago
> too big to fail

genuine question, what do you think these words mean?

jedberg•58m ago
I think it's code for "the government will have to bail them out".
SturgeonsLaw•55m ago
Seems like Sam was angling for that with some of his China vs USA rhetoric
vwvcxv•53m ago
Why would they need a bail out? Their assets can be sold off, they can be taken over or be absorbed by another American entity.

Absolutely no reason for a bail out.

It may hurt the ego of Altman and Brockman - but that's their problem.

fraywing•48m ago
If DoD systems are running on OpenAI infrastructure, you can't just pause them for 6 months during an acquisition. This gets far more complex than just "liquidation of assets".
pessimizer•44m ago
Because their assets would have been vastly overvalued. The bailout is when the government buys those assets at as close to that fictional valuation as they can, and likely then sells them back at their actual worth.

> Absolutely no reason for a bail out.

There's never been any reason for a bailout. It's just handing tax money to wealthy people who have made bad decisions.

vjvjvjvjghv•52m ago
The contract with the Pentagon is a good first step. Being a government contractor is pretty fail safe.
pessimizer•49m ago
At some point you reach a size when too many politicians and the people who own them have invested so much money that they're willing to take any size political hit in order to save themselves from personal losses when you fail.
the__alchemist•51m ago
> Anyone seeing differently?

There have been a stream of HN posts (I'm noticed this mainly in the past few weeks) implying some people prefer ChatGPT/Codex to Claude.

Anecdotally, Claude on the $20/month plan can only run 1-3 queries per 4 hours before rate limiting, often stopping in the middle of a query. ChatGPT/Codex doesn't have this problem.

post-it•40m ago
What the hell kind of queries are you running? I use Claude Pro all the time for asking questions, doing data analysis, writing side projects, and I very rarely get rate limited.

I use Claude Max 20x at work and I rarely hit 10% session utilization, which implies even using Claude to write code all day only uses 2x the Pro token limit.

Are you just telling it to try again when you get a response you don't like?

codetiger•51m ago
Seeing the same, Claude with every engineer. Even some non technical people moved to Claude from ChatGPT recently.
liveoneggs•43m ago
Nothing of note would happen if OpenAI collapsed. The same prompts will work with claude or gemini and the outputs will be good enough.

I've also noted that 90% of technical users I encounter are on claude or mostly-claude via cursor (switching models here-and-there).

parsimo2010•43m ago
Claude Code definitely has a head start, but there have been a few HN posts about a perceived nerfing of the intelligence and settings in the past month or so. Codex could capitalize on that weakness. They just introduced a $100 monthly 5x plan so they are at parity with the Claude Code plans. If Anthropic fiddles too much more with the settings then people will start to switch to Codex.
nico•37m ago
At work there’s only codex right now (no approval yet for anthropic - OpenAI access was easier/faster through Microsoft)

It was a pretty straightforward transition going from mostly using claude code, to now exclusively codex

thefounder•25m ago
The world would barely notice if both OpenAI and Anthropic “fail”. There is a lot of competition in this space
nijave•3m ago
All our engineers use Claude but all the AI features in our app are built on OpenAI models
gradus_ad•52m ago
Claude Code is extremely easy to set up and use. I suspect its saturation among software professionals is at the majority of the addressable market.

What if there are no other killer apps for Enterprise? Only CC will produce the level of token churn that could drive huge profits for model providers.

The Enterprise market is not as substantial as the rapid success of CC makes seem.

echelon•48m ago
Missing the Claude Code market was the biggest swing and miss ever.

Too busy trying to make TikTok for preteens with $4/generation videos that lost their novelty the minute IP was off the table. Didn't even identify the professional market in video was the correct place to invest, like Kling and ByteDance did.

Chasing consumer killed their ascendency.

Sam is a ruthless leader and knows how to build an empire, but he's also a distracted leader who chases too many flights of fancy. Without a golden goose like Zuckerberg, every mistake is a knife wound.

vwvcxv•42m ago
They get exactly what they deserve imo.

Its pretty embarassing how they have blown the lead. Instead of finding a pathway toward selling tokens in volume (software production) they spread themselves thin and tried to hype up research, sora, web browser... blah blah.

Again - they get what they deserve.

Leynos•4m ago
It amazed me that no one picked up on Codex last summer when it was effectively unlimited. I must have burnt through £10k worth of inference whilst still paying £20 a month
bickfordb•3m ago
What evidence is there that he knows how to build an empire outside of fundraising?
TheDong•23m ago
What about "cowork", aiming to be the claude code of excel files and pdfs and screenshotting your desktop to tell you what's wrong?

Like, that feels like it's also a huge amount of token churn ("sure, I can search every xls file on your machine to find the 2023 invoice from that company"), and very early in its adaption curve.

Most people are still using AI as a webpage chatbot to ask questions to and copy+paste between, but running an "openclaw" like assistant, which can access your files, email, and opens you up to wild security attacks, that seems like a really big killer app.

Cowork to me also seems like it'll take longer to reach the broader market since the models are less good at "use the mouse and keyboard to do this repetitive task" than "write code", but I see it as having killer-app potential with lots of token churn.

stingraycharles•15m ago
> What about "cowork", aiming to be the claude code of excel files and pdfs and screenshotting your desktop to tell you what's wrong?

I’ve been using these types of functions for a while for some specific use cases, and it’s super useful for this. Eg go into my budgeting app and explain to me why a certain discrepancy between forecast and actual occurred, which would otherwise cost me a huge amount of time.

I’ve also been using Cowriter AI, which actively learns from what you’re doing by taking screenshots of your screen every few seconds.

These types of utilities are just starting, they’re underexplored, and will definitely burn lots of tokens (while creating value).

dagamer34•12m ago
I think The Verge said it the best. Taking advantage of these tools to the maximum requires you to have "software brain" which the average person does not have. They struggle to set up a simple automation in their smart home platform of choice. There is little reason to believe they will take the leap to use such tools to simplify daily tasks because it requires people to think about which daily tasks can be simplified and automated.
Spooky23•3m ago
[delayed]
groceryheist•23m ago
Claude Code is rare product that is both beneficial and economically addictive, where its use increases demand for itself, at least in the supply / demand range for code we are accustomed to. It makes making software so much easier that Claude coding custom software becomes a solution to all sorts of past annoyances. Maintaining the software is easy enough thanks to Claude code.
SpicyLemonZest•52m ago
> "You have ChatGPT, a 1 billion-user business growing 50-100% a year, what are you doing talking about enterprise and code?" an early backer of OpenAI told FT. "It's a deeply unfocused company."

This is exactly the dynamic I've been worried about.

If you go to OpenAI's site to learn what they're all about, they're pretty clear about it: "ensure that artificial general intelligence benefits all of humanity", "Join us in shaping the future of technology". They think and I agree that ChatGPT is great, but the future of humanity does not depend on precisely how successful this one consumer chatbot is, and so it is not the company's focus. Anyone who understands OpenAI at even a basic level would recognize this, it's neither new nor subtle.

I'm not sure how to avoid the conclusion that OpenAI investors do not understand OpenAI and are just revenue growth junkies.

vwvcxv•49m ago
OAI has zero focus. How many acquisitions (value destructive it seems) and projects have they killed?

Whats comical is Steve Jobs preached the notion of focus decades ago.

Why can't people follow simple advice from someone who already acquired the scar tissue? Its literally madness.

Sam shouldve been fired and stayed fired. He's great at raising money, but running the firm? Absolute basket case of a CEO in that regard.

semiquaver•48m ago
They’re investors. More or less by definition they only care about revenue growth.
cal_dent•44m ago
just maths. if they're as a capable as each other then x product cannot be worth multiples above y unless there's a clear USP. Arguably OpenAi's is brand recognition but given Antrhopic's recent growth that's less certain than a quarter ago
Avicebron•44m ago
I was convinced they were going to go the openclaw or something similar route..pivoting into cybersec/enterprise makes sense if they are trying to copy anthropic, but it doesn't really telegraph any sort of differentiator
vwvcxv•37m ago
its telegraphing that they have no vision
qudat•12m ago
This is the key. These frontier model companies are funneling all of their time and resources into scaling, how could they possibly be researching the next phase of AI? Once scaling hits the limit the money is gonna dry up.

AGI is not gonna come from these companies

hooch•42m ago
For some reason the latest Claude Desktop release from Anthropic threw off its Claude branding and charm to chase after bland Codex Desktop app look and feels.

Maybe they think OpenAI is doing something right?

matchagaucho•39m ago
As someone working in the enterprise space with OAI, this still feels like we're in the top of the first inning.

Many teams remain anchored on equating AI with chat experiences, while a growing share of enterprise value is emerging from leasing compute clusters to run agentic workloads in containerized environments.

OpenAI has built a cloud-first architecture that supports this model. The desktop experience and applications are sexy, but enterprise usage will likely skew heavily toward asynchronous, background processing.

mandevil•5m ago
I know that people keep saying "we're early on here", but I take it as a negative signal that people keep thinking we are in the early innings here. Compared to previous generations of technology change, a great deal of time has passed, it should be a bit disconcerting that no one seems to have found a way to make money out of this yet.

Look at previous killer apps- they came out quickly and were raking in money very quickly. The Apple II went on sale on June 10th, 1977. Visicalc went on sale October 17th, 1979- 860 days separate the two. Apple IPO'd in 1980 with a 21% operating margin! Netscape Navigator 1.0 released December 15th 1994, Amazon.com made its first sale July 16th 1995- 214 days later. AMZN IPO'd May 15th 1997, 883 days after Netscape 1.0 released to the public (they had raised <10 million dollars to that point, but chose not to have a profit because they kept re-investing all of their profit into expanding the business).

We are already 1232 days since ChatGPT 1.0. So we're about 50% farther along than either of those killer apps. No one has figured out as good a business model for Generative AI as either of those were.

To use the other great technology transformation of the past 50 years, cell phones, I have a bit of trouble figuring out the right comparison to ChatGPT 1.0. I can work backwards from today to ChatGPT 1.0 opening up to the public, that's about the difference from the iPhone 3G (the first one with an appstore, the real killer app) to the launch of the Motorola Razr, to give you an idea of how fast mobile technology moved.

Do note that both the Razr and the iPhone were hugely profitable for their companies, in a way that no one has demonstrated with Generative AI.

impulser_•39m ago
"You have ChatGPT, a 1 billion-user business growing 50-100% a year, what are you doing talking about enterprise and code?"

The ironic part about this is GPT models are by far the worst models to chat too.

I think I rather talk to a wall than GPT-5.4. It so unpleasant. I feel bad for anyone who only experience with AI is ChatGPT.

thefounder•33m ago
what makes gpt 5.4 bad to chat ? To me it seems smart and does the job albeit it’s a bit slow. I’m using it only/mostly with the “pro” /xhigh reasoning
strongpigeon•29m ago
I think it’s the default system prompts of ChatGPT. I do think it’s better with the “Professional” tone with “Less Emoji” but that’s just me.
blanched•25m ago
In my experience, within one reply ChatGPT (compared to Claude) tends to:

* generate a lot of text

* answer at least a few of what it thinks might be follow up questions

* restate its original answer a few times

* suggest a follow up “if you want, I can turn that into…”

It feels very tedious and noisy.

impulser_•11m ago
Yeah, this perfectly sums it up.

Especially the “If you want” at the end of every single reply.

impulser_•23m ago
The way it converses is the least human like out of all models. It communicates like its writing markdown documents instead of just conversing normally like every other model does. You ask a question and it spits out a design doc instead of just answering the question like a normal human would.
rvz•32m ago
So now they are realizing that they are indeed in a bubble and OpenAI was extremely overvalued?

Anthropic is also overvalued. Their revenue is not even recurring. It’s now “Annualised Revenue” due to token spend.

These two companies are just vehicles of a pump and dump scheme. OpenAI is already off loading shares with “acquisitions” that do not make any sense because investors already think they are about to IPO and not worth the price.

Also, one more thing… and it is called Deepseek.

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