AI has no "loyalty"! More than 10 OpenAI institutional shareholders participate in the latest funding round of "archrival" Anthropic

As OpenAI approaches finalization of a new funding round totaling approximately $100 billion, Anthropic has just completed a substantial financing of about $30 billion; what draws even more market attention is that at least 12 of OpenAI’s direct institutional investors also appear on the supporter list behind Anthropic’s current funding round.

This “dual investment” list includes hedge funds or asset management firms like D1, Fidelity, and TPG, which are accustomed to hedge bets, but more surprisingly, top-tier traditional venture capital firms known for “taking sides,” such as Founders Fund, Iconiq, Insight Partners, and Sequoia Capital, are also involved.

Image: Recently at the India AI Summit, OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei stood side by side during a group photo but refused to hold hands.

BlackRock’s “Dual Role”

The most notable conflict of interest comes from global asset management giant BlackRock. Although Adebayo Ogunlesi, Senior Managing Director and Board Member of BlackRock, currently serves on OpenAI’s board, a BlackRock-affiliated fund still participated in Anthropic’s $30 billion funding.

In the public markets, it’s common for asset management firms to hold stocks of competitors, and Microsoft and Nvidia are well known for their broad hedging strategies across various AI companies. But for venture capital (VC), this represents a disruption of traditional norms.

VCs have long touted themselves as “founder-friendly” and “helpful.” The core logic is: when a VC holds significant shares in a startup, they will do everything to assist it against major competitors. Additionally, as private companies, startups often disclose confidential business data to direct investors that public companies would not reveal.

Now, this boundary is becoming blurred. “If you own both OpenAI and Anthropic, who else can you remain loyal to besides your own LPs (Limited Partners)?”

An investor interviewed openly stated, “As long as the company doesn’t hold a seat on the board, people no longer see this as a problem.”

OpenAI’s “Blacklist”

OpenAI CEO Sam Altman is well-versed in venture capital tactics. As a former president of Y Combinator, he has long been alert to these trends.

According to Techcrunch, Altman once provided investors in 2024 with a list of OpenAI competitors he preferred they not support, including Anthropic, xAI, and Safe Superintelligence—companies founded by former OpenAI employees.

Although Altman later denied that he would exclude investors supporting competitors from future funding rounds, he drew a red line regarding disclosure of core interests. Documents from Elon Musk’s lawsuit against OpenAI reveal that Altman explicitly told investors:

“If non-passive investments are made, they will no longer receive OpenAI’s confidential business information.”

Capital Finds It Hard to Say No

The unique nature of the AI industry is breaking all established patterns. Large AI labs are experiencing unprecedented growth while facing record-breaking funding gaps needed to build data centers.

Analysts believe that when funding needs are so enormous and potential returns could be astronomical, it’s difficult to expect investors to say no.

That said, not all venture capitalists are slipping into the “dual betting” slope.

• Andreessen Horowitz (a16z) currently supports OpenAI but has not invested in Anthropic.

• Menlo Ventures supports Anthropic but has not invested in OpenAI.

• Bessemer, General Catalyst, and Greenoaks seem to have only invested directly in one of the two so far.

However, it’s undeniable that respected veteran Silicon Valley firms like Sequoia Capital breaking this long-standing rule signals a fundamental shift in the market environment. For founders, regardless of who the term sheet comes from, conflict of interest policies must now be a key point of inquiry before signing agreements.

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