Technology 技术 | AI ⼈⼯智能
OpenAI Is Falling Out of Favor With
Secondary Buyers
OpenAI 正在失去⼆⼿买家的⻘睐
By Hema Parmar
作者： 赫玛·帕尔玛
April 1, 2026 at 10:10 PM GMT+8
Updated on 更新于April 2, 2026 at 7:09 AM GMT+8
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Takeaways by Bloomberg AI
彭博⼈⼯智能得出的结论
OpenAI shares have fallen out of favor on the
secondary market, with investors pivoting to Anthropic,
its biggest competitor.
OpenAI 的股票在⼆级市场上失宠，投资者纷纷转向其最
⼤的竞争对⼿ Anthropic。
Some institutional investors are looking to sell about
$600 million of OpenAI shares, but there are no
buyers, according to Next Round Capital founder Ken
Smythe.
据 Next Round Capital 创始⼈ Ken Smythe 称，⼀些机
构投资者正寻求出售价值约 6 亿美元的 OpenAI 股票，但
⽬前尚⽆买家。
Buyers have indicated they have $2 billion of cash
ready to deploy into Anthropic, with other
marketplaces seeing record demand for Anthropic
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shares.
买家表示他们有 20 亿美元的现⾦准备投⼊ Anthropic，
其他市场对 Anthropic 股票的需求也创下历史新⾼。
OpenAI shares have fallen out of favor on the
secondary market — in some cases becoming almost
impossible to unload — as investors pivot quickly to
Anthropic, its biggest competitor.
OpenAI 的股票在⼆级市场上失宠——在某些情况下⼏乎⽆
法出⼿——因为投资者迅速转向其最⼤的竞争对⼿
Anthropic 。
Even as OpenAI raced in recent months to raise tens of
billions of dollars, Next Round Capital founder Ken
Smythe said his secondary marketplace was seeing a
drop in demand for shares of the artificial-intelligence
giant. About a half-dozen institutional investors —
including hedge funds and venture capital firms that
hold large stakes — approached his company in recent
weeks looking to sell about $600 million of OpenAI
shares.
尽管 OpenAI 近⼏个⽉来竞相筹集数百亿美元资⾦ ，但
Next Round Capital 创始⼈肯·史密斯表⽰，其⼆级市场
对这家⼈⼯智能巨头的股票需求正在下降。最近⼏周，约
有六家机构投资者——包括持有⼤量股份的对冲基⾦和风
险投资公司——联系了他的公司，希望出售价值约 6 亿美
元的 OpenAI 股票。
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Last year, they would have been snatched up within
days. But now, no one’s biting.
去年，这些商品⼏天之内就会被抢购⼀空。但现在，却⽆
⼈问津。
WATCH: Ken Smythe, founder of Next Round Capital, explains why OpenAI
shares are flooding the market, how Anthropic is emerging as a stronger financial
bet, and why OpenAI’s massive $122B funding round may not be as real as it
sounds.
观看：Next Round Capital 的创始⼈ Ken Smythe 解释了为什么 OpenAI 的股票涌⼊
市场，Anthropic 如何成为更稳健的投资选择，以及为什么 OpenAI ⾼达 1220 亿美元
的融资轮可能并不像听起来那么真实。
“We literally couldn’t find anyone in our pool of
hundreds of institutional investors to take these
shares,” said Smythe, whose firm has handled $
billion of transactions. Meanwhile, “buyers have
indicated they have $2 billion of cash ready to deploy
Anthropic vs OpenAI: An Investor Shift
5:27
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into Anthropic.”
“我们竟然在数百家机构投资者中找不到愿意接⼿这些股
票的⼈，”斯迈思说道，他的公司经⼿的交易额已达 25 亿
美元。与此同时，“买家表⽰他们有 20 亿美元的现⾦准
备投资 Anthropic。”
Other marketplaces are also seeing record demand for
Anthropic, including Augment and Hiive. The large gap
between OpenAI’s $852 billion valuation and
Anthropic’s $380 billion has investors rushing to grab
equity in the latter before it rises, according to
Augment co-founder Adam Crawley.
其他交易平台，包括 Augment 和 Hiive，也出现了对
Anthropic 的创纪录需求。Augment 联合创始⼈ Adam
Crawley 表⽰，OpenAI 8520 亿美元的估值与 Anthropic
3800 亿美元的估值之间存在巨⼤差距，这促使投资者争
相抢购后者的股权，以免其估值进⼀步上涨。
“It’s just better risk-reward right now,” he said. “People
are betting that Anthropic’s valuation will catch up
with OpenAI’s. But if you buy OpenAI shares, it’s less
clear what the return will be in the near term.”
“⽬前来看，它的风险回报⽐更⾼，”他说。“⼈们押注
Anthropic 的估值最终会赶上 OpenAI。但如果你购买
OpenAI 的股票，短期内的回报就不太明朗了。”
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Anthropic and OpenAI don’t allow investors to trade
shares on the secondary market without their
permission. Still, access to the shares is available on
many platforms as investors sell their interests through
other mechanisms such as special-purpose vehicles.
Anthropic 和 OpenAI 不允许投资者未经许可在⼆级市场
交易股票。不过，投资者仍然可以通过其他机制（例如特
殊⽬的公司）出售其股份，因此许多平台仍然提供这些股
票的访问权限。
“People should be extremely cautious of any firm that
purports to have access to OpenAI equity, including
through an SPV,” an OpenAI spokesperson said in an
emailed statement. “We recently established
authorized channels for individual participation,
including through banks. We did this with zero fees to
counter the high fee broker model.”
OpenAI 发⾔⼈在⼀封电⼦邮件声明中表⽰：“⼈们应该
对任何声称可以接触到 OpenAI 股权的公司保持⾼度警
惕，包括通过特殊⽬的公司（SPV）的⽅式。我们最近设
⽴了个⼈参与的授权渠道，包括通过银⾏。我们采取零⼿
续费的⽅式，是为了对抗⾼额佣⾦的经纪模式。”
OpenAI's Valuation Is Currently More Than Double
Anthropic's
OpenAI ⽬前的估值是 Anthropologie 的两倍多。
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Source: Pitchbook, Bloomberg reporting
资料来源：Pitchbook、彭博社报道
Banks including Morgan Stanley and Goldman Sachs
Group Inc. have begun offering OpenAI shares to
wealth clients without charging carry fees, according to
a person familiar with the matter. Meanwhile, Goldman
is charging its usual carry for clients interested in
Anthropic. That fee is often roughly 15% to 20% of
profits.
据知情⼈⼠透露，包括摩根⼠丹利和⾼盛集团在内的多家
银⾏已开始向⾼净值客户提供 OpenAI 股票，且不收取收
益分成费⽤。与此同时，⾼盛仍对有意投资 Anthropic 的
客户收取惯例收益分成费⽤，该费⽤通常约为利润的 15%
⾄ 20%。
Representatives for the banks declined to comment.
Anthropic didn’t comment.
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各银⾏代表均拒绝置评。Anthropic 公司未予置评。
On Tuesday, OpenAI announced it had put the finishing
touches on its largest-ever fundraising, drawing $122
billion in backing from tech giants, venture capital
funds and retail investors alike.
周⼆，OpenAI 宣布完成了有史以来规模最⼤的融资，从
科技巨头、风险投资基⾦和散户投资者那⾥获得了 1220
亿美元的⽀持。
Primary fundraising and secondary sales don’t always
follow the same playbook. In fundraising rounds,
existing investors are often offered the chance to buy
more shares to maintain their stakes, and instead of
saying no — which founders may not like — they can
buy in and then sell some of that exposure on the
secondary market.
⼀级融资和⼆级市场出售并⾮总是遵循相同的模式。在融
资轮中，现有投资者通常有机会购买更多股份以维持其持
股⽐例。创始⼈可能不会乐见他们拒绝，但投资者可以先
购买，然后在⼆级市场出售部分股份。
Read More: 阅读更多：
OpenAI Valued at $852 Billion After Closing $122 Billion
Round
OpenAI 完成 1220 亿美元融资后估值达 8520 亿美元
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Meet Eve, the AI Brain Behind an Ex-Coatue Trader’s New
Fund
认识⼀下 Eve，这位⼈⼯智能⼤脑是前 Coatue 交易员新基⾦背
后的功⾂。
OpenAI Set to Raise $10 Billion From MGX, Coatue, Thrive
OpenAI 计划从 MGX、Coatue 和 Thrive 融资 100 亿美元
Both AI firms have grown rapidly in recent years,
particularly after OpenAI’s 2022 debut of ChatGPT and
Anthropic’s subsequent launch of Claude. Both
companies are weighing plans to go public, with
OpenAI’s listing expected as early as this year.
近年来，这两家⼈⼯智能公司都发展迅速，尤其是在
OpenAI 于 2022 年推出 ChatGPT 以及 Anthropic 随后推
出 Claude 之后。两家公司都在考虑上市计划，OpenAI
预计最早将于今年上市。
Some investors have grown cautious over OpenAI’s
soaring operating costs. The company has committed
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to spend far more than Anthropic on infrastructure to
support its AI ambitions in coming years. And while
OpenAI touts a strong consumer base, it’s moving
slowly on capturing more lucrative enterprise clients.
Anthropic, meanwhile, has dominated that higher-
margin market and, as a result, its growth trajectory
appears to be stronger than OpenAI’s, Crawley said.
⼀些投资者对 OpenAI 飙升的运营成本持谨慎态度。该公
司承诺在未来⼏年内投⼊远超 Anthropic 的资⾦⽤于基础
设施建设，以⽀持其⼈⼯智能发展⽬标。尽管 OpenAI 拥
有强⼤的消费者基础，但在争取利润更⾼的企业客户⽅⾯
进展缓慢。与此同时，Anthropic 已在⾼利润市场占据主
导地位，因此，其增长势头似乎⽐ OpenAI 更为强劲，克
劳利表⽰。
Meanwhile, Anthropic has other challenges. It’s suing
the US Department of Defense after the Pentagon
designated the company a supply-chain risk and
ordered a ban on government entities using its
technology. And just this week, Anthropic had its
second security slip-up in a matter of days, when it
inadvertently released internal source code behind
Claude.
与此同时，Anthropic 公司还⾯临着其他挑战。五⾓⼤楼
将该公司列为供应链风险企业，并下令禁⽌政府机构使⽤
其技术，之后该公司起诉了美国国防部。就在本周，
Anthropic 公司在短短⼏天内再次出现安全漏洞， ⽆意中
泄露了 Claude 背后的内部源代码。
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Next Round sees bids for OpenAI coming in at a
valuation of about $765 billion, a 10% discount from the
previous $850 billion.
下⼀轮对 OpenAI 的竞标估值约为 7650 亿美元，⽐之前
的 8500 亿美元低 10%。
“The market is much more in demand for Anthropic,”
Augment’s Crawley said.
“市场对 Anthropic 的需求要⼤得多，”Augment 公司的
克劳利说。
His firm and Next Round are both seeing huge bids for
Anthropic that value it at roughly $600 billion, more
than 50% higher than its previous funding round.
Meanwhile, Hiive has registered more than $ billion
of demand for Anthropic shares, also at a premium,
said co-founder Prab Rattan.
他的公司和 Next Round 都收到了对 Anthropic 的巨额收
购要约，估值约为 6000 亿美元，⽐上⼀轮融资⾼出
50%以上。与此同时，联合创始⼈ Prab Rattan 表⽰，
Hiive 也收到了超过 16 亿美元的 Anthropic 股票需求，同
样溢价收购。
“The demand is one of the highest we’ve ever seen,”
Crawley said. “It’s essentially unlimited interest.”
克劳利说：“需求量是我们见过的最⾼⽔平之⼀。基本上
可以肯定地说，市场需求是⽆限的。”
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— With assistance from Seth Fiegerman, Edison Wu, and
Shirin Ghaffary
— 感谢 Seth Fiegerman、Edison Wu 和 Shirin Ghaffary 的
协助
(Updates to include OpenAI comment in eighth
paragraph.)
（第⼋段更新，加⼊了 OpenAI 的评论。）
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