OpenAI 和 Anthropic 是激烈的 AI 竞争对手，在人才、客户、政策影响力和公众关注方面竞争，但 WIRED 对 PitchBook 数据的分析发现，约 90 家风险投资公司和资金管理机构同时投资了两者。OpenAI 与 Anthropic 共享约 42% 的投资者，而 Anthropic 的投资者中约 1/3 也支持 OpenAI，包括 Sequoia Capital、Greylock、Founders Fund、Redpoint Ventures、Emerson Collective 和 Sound Ventures。
对于仅相隔几年开始融资的直接竞争对手而言，这种重叠似乎异常之高。Anthropic 最新的融资公告列出了 31 名投资者，其中至少 13 名也持有 OpenAI 股份，WIRED 指出，由于私人投资数据并不完整，真正的重叠程度可能更高。专家认为，这一模式反映了更大型基金、初创公司保持私有状态更久、风险投资、对冲基金、私募股权和财富管理机构之间界线模糊，以及 OpenAI 和 Anthropic 的规模，两者各自已筹集远超 $100 billion，估值接近 $1 trillion。
这种投资者策略表明，许多支持者并不认为 AI 是一个明确的赢者通吃市场，或者他们不确定哪家公司将占据主导地位。约 30 名重叠投资者是对冲基金、私募股权公司或财富管理机构，这些机构更习惯于分散下注，而传统风险投资公司面临的利益冲突担忧较弱，因为许多公司如今只持有极小股份，治理影响力有限。一些公司仍拒绝同时支持双方：Khosla Ventures 和 Thrive Capital 只支持 OpenAI，而 Menlo Ventures 和 General Catalyst 只支持 Anthropic，Menlo 表示 OpenAI 和 Anthropic 的竞争过于直接，无法同时支持两者。
OpenAI and Anthropic are fierce AI rivals competing for talent, customers, policy influence, and public attention, yet WIRED’s analysis of PitchBook data found that about 90 venture capital firms and money managers have invested in both. OpenAI shares about 42% of its investors with Anthropic, while roughly 1/3 of Anthropic’s investors also back OpenAI, including Sequoia Capital, Greylock, Founders Fund, Redpoint Ventures, Emerson Collective, and Sound Ventures.
The overlap appears unusually high for direct competitors that began fundraising only a few years apart. Anthropic’s latest fundraising announcement named 31 investors, at least 13 of which also hold OpenAI stakes, and WIRED notes the true overlap may be higher because private investment data is incomplete. Experts argue the pattern reflects larger funds, startups staying private longer, blurred lines between venture capital, hedge funds, private equity, and wealth managers, plus the scale of OpenAI and Anthropic, each having raised well over $100 billion at valuations approaching $1 trillion.
The investor strategy suggests many backers do not see AI as a clear winner-take-all market, or they are unsure which company will dominate. About 30 overlapping investors are hedge funds, private equity firms, or wealth managers, which are more accustomed to spreading bets, while traditional venture firms face a weaker conflict concern because many now own tiny stakes with limited governance influence. Some firms still reject backing both sides: Khosla Ventures and Thrive Capital back OpenAI only, while Menlo Ventures and General Catalyst back Anthropic only, with Menlo saying OpenAI and Anthropic were too directly competitive to support both.