OpenAI's $1.2 trillion IPO valuation assumption is making investors reconsider Anthropic's $380 billion valuation as a more reasonable alternative.

OpenAI's recent funding round requires assuming an IPO valuation of $1.2 trillion or higher to justify the investment

Anthropic's current $380 billion valuation appears more reasonable by comparison, attracting investor interest

Some investors backing both companies are questioning whether OpenAI's valuation expectations are sustainable