OpenAI, which had long lost investors' attention as it trailed rival Anthropic, is drawing notice again on the private market, Business Insider reported on the 20th. Its cutting-edge model "GPT-5.6 Sol" and coding tool "Codex" are earning strong reviews, prompting investors to take a fresh look at OpenAI, according to the analysis.
According to the private-market platform Caplight, OpenAI's valuation on the private market is $933 billion (about 1,380 trillion won), up about 20% over the past three months. After a large fundraising in March, it traded for a time at roughly a 10% discount to the $852 billion (about $126.7 billion) valuation, but recently transactions have been happening at prices about 10% higher.
Adam Crowley, co-founder of the private transaction platform Augment, told Business Insider, "Investor interest in OpenAI has revived recently." Glenn Anderson, CEO of Rainmaker Securities, which handles trading in unlisted shares, also said, "Demand for Anthropic is still explosive, but lately buy orders for OpenAI have noticeably increased," adding, "If five investors are looking for Anthropic, about two want OpenAI."
Dave McClure, founder of Practical Venture Capital, which focuses on equity investments in corporations preparing for initial public offerings (IPO), also said, "Over the past month, market interest in OpenAI has clearly risen."
As a backdrop to the rebound in investment sentiment, observers point to strong reviews for OpenAI's latest model "GPT-5.6 Sol." The model is assessed to deliver performance on par with Anthropic's "Mythos 5" and "Fable 5." Through the coding tool "Codex" and the workplace agent tool "ChatGPT Work," OpenAI reaching 9 million active users is also seen as a positive factor. While Anthropic had secured an edge in the enterprise AI market with "Claude Code" and "Claude Cowork," OpenAI is countering with comparable AI tools, narrowing the gap between the two companies.
Until the first half of this year, Anthropic was undervalued compared with OpenAI, but in the second half the situation has flipped, and some investors are seen trying to diversify the risk of holding Anthropic by buying OpenAI shares, according to the analysis.