A sell-off in CoreWeave is driving a widening valuation gap between OpenAI and Anthropic, as reflected in Hyperliquid perpetual futures.
01Summary
- 01OpenAI's valuation dropped more than 4% in 24 hours, briefly slipping under $1.5 trillion, according to Hyperliquid perpetual futures.
- 02Anthropic's perps rose 2.4% over the same period, indicating a valuation just over $2 trillion.
- 03Open interest in Anthropic contracts is over $41 million, more than five times the less than $7 million in OpenAI contracts.
- 04CoreWeave shares hit a new one-year low on Thursday, extending a 54% decline over the period, amid concerns over its debt-financing strategy.
- 05CoreWeave's relationship with OpenAI is worth at least $22 billion, including a 5-year datacenter agreement, while its deal with Anthropic announced in April 2025 had undisclosed value.
02Why it matters
The shift in valuations highlights how ties to struggling infrastructure provider CoreWeave are affecting investor perception of leading AI firms, with implications for pre-IPO pricing and market confidence in the sector.
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