The AI boom has fundamentally altered venture capital norms, with major firms backing competing startups. At least 95 investors have funded both Anthropic and Open AI, including Sequoia Capital, Founders Fund, Coatue Management, and Altimeter Capital Management. This shift marks a departure from past practices where firms typically backed only one company per technology category.

Top firms on Sand Hill Road in Menlo Park, California, have adapted strategies to avoid missing out on AI companies potentially worth $2 trillion. Anthropic has raised over $130 billion from roughly 300 investors, while Open AI has secured more than $180 billion from approximately 230 investors. These figures dwarf previous tech IPOs; Facebook raised $2.4 billion before its 2012 public offering, and Uber accumulated roughly $20 billion before its 2019 debut.

The secondary market has played a significant role, with SpaceX's successful $1.7 trillion IPO further fueling investor excitement. For investors, the scale means "all the numbers are bigger, including the entry price and the exit price," according to Sohail Prasad of Destiny100. Anthropic eyes a public offering this year potentially valuing it at $2 trillion, while Open AI may follow next year.

Both companies declined to comment. The New York Times has sued Open AI and Microsoft for alleged copyright infringement, which the defendants deny.