OpenAI's $852 billion valuation is being questioned by some of its own investors as the company seeks to reorient itself around enterprise customers and compete with Anthropic's $30 billion annualized revenue. One investor suggested that the company's IPO valuation would require an IPO valuation of $1.2 trillion or more, making it appear as though it is a relative bargain. However, OpenAI CFO Sarah Friar countered that the $122 billion raise is indicative of continued investor confidence.