The two companies most likely to define the next decade of artificial intelligence share something beyond a mission to build superintelligence: their investor rolodex. Roughly 90 venture capital firms and money managers now hold positions in both OpenAI and Anthropic, creating an overlap that covers approximately 42% of OpenAI’s investor base.
The timing matters because both companies are hurtling toward public listings. Anthropic filed confidential IPO paperwork with the SEC on or around June 1, 2026. OpenAI is preparing a similar filing and could list as early as fall 2026.
The Pepsi-and-Coke strategy
One venture capitalist framed the logic with brutal simplicity.
“Why wouldn’t you want to be in both Pepsi and Coke? It’s the same here.”
Sequoia Capital, Blackstone, and Insight Partners are among the heavy hitters appearing on cap tables or recent funding rounds for both companies. Sequoia has been particularly aggressive, actively pursuing stakes in Anthropic even while maintaining its existing positions in OpenAI and Elon Musk’s xAI.
The numbers underscore just how massive these bets have become. Anthropic raised $65 billion in May 2026, a round that valued the company at $965 billion post-money. That figure actually eclipses OpenAI’s most recent valuation of $852 billion from its March 2026 round.
What crypto investors are doing about it
Synthetic exposure tokens tied to both Anthropic and OpenAI have emerged on crypto-native platforms, most notably through Solana-based PreStocks products. These tokens attempt to give retail traders a way to bet on pre-IPO companies without actually holding equity.
That parallel market hit a wall in mid-May 2026. Both OpenAI and Anthropic moved to invalidate unauthorized share transfers, and the PreStocks tokens for both companies dropped roughly 34-39% in response. Multiple crypto exchanges still list these synthetic instruments. Trading volumes have partially recovered since the May crash, though they remain well below their pre-invalidation highs.
Why the overlap matters for markets
Anthropic filing first, with OpenAI potentially following in the fall, suggests this staggering is already happening.
The $965 billion valuation for Anthropic and $852 billion for OpenAI set an interesting benchmark. If both companies go public at or above these levels, they would instantly become among the most valuable public companies in the world.