With AI, Investor Loyalty Is (Almost) Dead: A Dozen OpenAI VCs Now Also Back Anthropic
With OpenAI on the verge of finalizing a new $100 billion round, and Anthropic just closing its own monster $30 billion raise, one thing is clear: the concept of investor loyalty is only hanging on by a thread.
At least a dozen direct investors in OpenAI were announced as backers in Anthropic $30 billion raise earlier this month, including Founders Fund, Iconiq, Insight Partners, and Sequoia Capital.
The VC Tradition
Venture capital funds have until now operated differently. VCs market themselves as founder friendly and helpful, the idea being that when a VC firm buys a chunk of a startup company, the investor will help that startup be successful, particularly against its major rivals.
If you are an owner of both OpenAI and Anthropic, who does your loyalty belong to, besides your own investors?
Sam Altman Attempted Stand
In 2024, he reportedly gave his investors a list of OpenAI rivals that he did not want them to back. It largely included companies launched by folks who left OpenAI, including Anthropic, xAI, and Safe Superintelligence.
Altman later denied that he told OpenAI investors they would be barred from future rounds if they backed his list of perceived rivals.
The Money Problem
AI is also breaking the mold because of the record-breaking amounts of money that the largest AI labs are raising as they experience never-before-seen growth.
At some point, when the hat is being passed around, the needs are so great and the possibilities of returns are so large, who can be expected to say no?
The Holdouts
It turns out that not all venture investors have yet slid down the slippery slope:
- Andreessen Horowitz: Only OpenAI
- Menlo Ventures: Only Anthropic
- Bessemer Venture Partners: Only OpenAI
- General Catalyst: Only OpenAI
- Greenoaks: Only OpenAI
Key Takeaways
- 12+ dual investors: OpenAI backers now also investing in Anthropic
- BlackRock situation: Board member on OpenAI board while funds back Anthropic
- VC tradition broken: Loyalty and fiduciary responsibility questioned
- Altman list: Tried to prevent investors from backing rivals, largely failed
- The holdouts: a16z, Bessemer, General Catalyst, Greenoaks remain single-company investors
The AI boom is rewriting the rules of venture capital. For founders, this means one thing: due diligence on your investors is no longer optional.