Investors are abandoning OpenAI on the secondary market, where shares have become nearly unsellable. Next Round Capital’s Ken Smythe says a half‑dozen institutional holders approached his firm to offload roughly $600 million of OpenAI stock, but no buyer materialized. In contrast, last year those shares would have vanished within days, highlighting a sharp shift in appetite.

Meanwhile, demand for Anthropic is surging. Marketplaces such as Augment and Hiive report buyers ready to deploy $2 billion into the rival, whose valuation sits near $380 billion, well below OpenAI’s $852 billion peak. Investors argue Anthropic offers a superior risk‑reward profile, betting its price will close the gap while OpenAI’s near‑term return appears uncertain.

OpenAI just closed its largest fundraising round, pulling $122 billion from tech giants, VCs and retail backers, yet primary capital and secondary liquidity are diverging. Banks like Morgan Stanley and Goldman Sachs now list OpenAI stock for wealth clients without carry fees, while charging the usual 15‑20 % on Anthropic trades. The market’s pricing now reflects a clear preference for Anthropic equity.

Analysts say the discount on OpenAI secondary bids—about 10 % below its prior $850 billion estimate—signals lingering doubts about its cost structure and enterprise traction, reinforcing the tilt toward Anthropic. With venture firms scrambling for limited Anthropic slots, the secondary market may cement the rival’s valuation advantage for months.