With AI, investor loyalty is (almost) dead: At least a dozen OpenAI VCs now also back Anthropic

Source: TechCrunch

With OpenAI on the verge of finalizing a new $100 billion round, and Anthropic just closing its own monster $30 billion raise, the concept of investor “loyalty” is hanging on by a thread.

Dual Investments in OpenAI and Anthropic

At least a dozen direct investors in OpenAI were announced as backers in Anthropic’s $30 billion raise earlier this month, including Founders Fund, Iconiq, Insight Partners, and Sequoia Capital.

Some dual investments are understandable when they come from hedge funds or asset managers whose focus remains on public‑stock investments (competitors or not). Examples include D1, Fidelity, and TPG.

BlackRock’s Involvement

A more surprising case is the participation of BlackRock‑affiliated funds in Anthropic’s raise, even though BlackRock’s senior managing director and board member Adebayo Ogunlesi sits on OpenAI’s board of directors. BlackRock runs every type of fund—mutuals, closed‑ends, ETFs—so its various funds may take the opportunity to own OpenAI stock regardless of the personal connection.

Venture Capital Loyalty vs. Hedge‑Fund Pragmatism

VC firms traditionally market themselves as “founder‑friendly” and “helpful,” implying that when a VC buys a stake in a startup, it will aid that startup’s success, especially against major rivals. When a VC owns both OpenAI and Anthropic, the question of loyalty becomes ambiguous.

Startups are private companies that share confidential information with their direct investors. In many cases, VCs also take board seats, adding a fiduciary responsibility to their portfolio companies.

Sam Altman’s “Rival” List

Sam Altman, a former president of Y Combinator, knows the VC drill. In 2024, he reportedly gave his investors a list of OpenAI’s rivals that he didn’t want them to back, which included companies founded by former OpenAI staff such as Anthropic, xAI, and Safe Superintelligence.

Altman later denied that he barred investors from future rounds if they backed his list, but he did admit that “non‑passive investments” would result in the loss of OpenAI’s confidential business information, according to documents in the lawsuit between Elon Musk and OpenAI, as reported by Business Insider.

The Scale of AI Funding

AI labs are raising record‑breaking sums as they experience unprecedented growth and data‑center demand. When the potential returns are massive, the pressure to say “yes” to any investment opportunity intensifies.

Divergent VC Strategies

Not all venture investors have crossed this “loyalty” line. For example:

• Andreessen Horowitz backs OpenAI but not (yet) Anthropic.
• Menlo Ventures backs Anthropic but not (yet) OpenAI.

Our research identified roughly a dozen investors that appear to have direct investments in only one of the two companies. Others include Bessemer Venture Partners, General Catalyst, and Greenoaks.

Industry Reaction

The fact that respected firms such as Sequoia are backing Anthropic—breaking the long‑standing VC taboo on backing rivals—is notable. One investor we contacted simply shrugged, noting that as long as the firm doesn’t hold a board seat, the perceived conflict is minimal.

Outlook

Conflict‑of‑interest policies are likely to become a standard question for founders before signing term sheets, regardless of the investor’s reputation.