OpenAI's valuation has fallen by more than 4% in the past 24 hours, briefly dipping below $1.5 trillion, while Anthropic's valuation has risen by 2.4%, recovering from an overnight dip to just over $2 trillion, according to perpetual futures pricing on decentralized exchange Hyperliquid.
TL;DR
- OpenAI's valuation drops 4% in 24 hours, while Anthropic's rises 2.4%.
- CoreWeave's stock decline impacts OpenAI more than Anthropic due to closer ties.
- Open interest in Anthropic perps is more than five times higher than in OpenAI perps.
What happened
OpenAI's valuation has decreased by more than 4% in the past 24 hours, briefly falling below $1.5 trillion, according to perpetual futures pricing on Hyperliquid. Meanwhile, Anthropic's valuation has increased by 2.4% over the same period, recovering from an overnight dip to just over $2 trillion.
The sell-off in CoreWeave, a GPU rent-a-center with close ties to OpenAI, has led to a decline in neocloud stocks. CoreWeave's shares touched a new one-year low on Thursday, extending a decline over that period to 54%.
While OpenAI and Anthropic are both down about 15% from highs last month, the bigger price drop in OpenAI perps reflects the company's closer ties to CoreWeave. In September 2025, OpenAI had a deal with CoreWeave worth at least $22 billion, including a 5-year agreement to provide datacenters and technology.
Why it matters
The widening gap between OpenAI and Anthropic's valuations highlights the impact of market fluctuations on AI leaders. The sell-off in CoreWeave has had a more significant effect on OpenAI due to their closer relationship.
For developers and startups, this news underscores the importance of diversifying partnerships and not relying too heavily on a single provider for critical infrastructure. It also highlights the potential risks of debt-financing strategies in the neocloud sector.
Investors should pay close attention to the open interest in perpetual futures, as it can indicate market sentiment and potential price movements. The fact that open interest in Anthropic perps is more than five times higher than in OpenAI perps suggests a stronger market interest in Anthropic at the moment.
Key facts
- OpenAI's valuation is down more than 4% in the past 24 hours, briefly slipping under $1.5 trillion.
- Anthropic's valuation is up 2.4% over the same period, recovering an overnight dip to just over $2 trillion.
- Open interest in Anthropic perps is more than five times bigger than in OpenAI perps, with over $41 million in Anthropic compared to less than $7 million in OpenAI.
- CoreWeave's shares touched a new one-year low on Thursday, extending a decline over that period to 54%.
- OpenAI had a deal with CoreWeave worth at least $22 billion, including a 5-year agreement to provide datacenters and technology, as of September 2025.
- Both OpenAI and Anthropic are down about 15% from highs last month, according to Hyperliquid pricing.
Context
Perpetual futures are bets that never expire, maintained by 'deployers' on Hyperliquid's blockchain infrastructure. They determine a funding rate for going long or short the futures based on a spot 'oracle' price that uses third-party data like private funding rounds and secondary market transactions to estimate private-market prices.
The developer behind these pre-IPO contracts is Entropy IO. TradeXYZ, the most prominent developer on the platform, typically does not list pre-IPO perps until S-1s are public.
The bigger price drop in OpenAI perps reflects the company's closer ties to CoreWeave, whose shares have been declining due to concerns over the company's debt-financing strategy.
