OpenAI, Anthropic valuations diverge as CoreWeave sell-off weighs on neocloud sentiment

Traders Union
All News
Stocks
OpenAI, Anthropic valuations diverge

Highlights

OpenAI's implied valuation fell over 4% to briefly below $1.5 trillion, while Anthropic rose 2.4% to just over $2 trillion on Hyperliquid perpetuals.
Anthropic perpetuals have more than $41 million in open interest—over five times OpenAI's less than $7 million—signaling higher trading concentration.
OpenAI contracts slid more sharply due to CoreWeave's one-year share drop of 54% and concerns regarding its $22 billion-plus agreement with OpenAI.

Hyperliquid pricing signals widening gap

As reported by CNBC, perpetual futures pricing on decentralized exchange Hyperliquid shows OpenAI's valuation is down more than 4% in the past 24 hours after briefly slipping below $1.5 trillion, while Anthropic perps are up 2.4% over the same period and imply a valuation of just over $2 trillion.

Perpetuals are contracts that do not expire. On Hyperliquid, they are maintained by deployers on the blockchain infrastructure, which set funding rates for long and short positions using a spot oracle price based on third-party indicators such as private funding rounds and secondary market transactions to estimate private-market values.

Trading interest is also more concentrated in Anthropic than in OpenAI. Open interest, which Hyperliquid defines as the sum of long and short positions on a contract, is more than five times larger in Anthropic at more than $41 million, versus less than $7 million in OpenAI.

Entropy IO is currently the deployer behind these pre-IPO contracts. David Schamis, CEO of Hyperliquid Strategies, said TradeXYZ, the most prominent developer on the platform, typically does not list pre-IPO perpetuals until S-1 filings are public, adding that liquidity will likely deepen once TradeXYZ lists the companies and that such contracts generally trade at a premium to IPO prices while helping indicate likely post-IPO levels.

CoreWeave ties shape investor reaction

The steeper move in OpenAI contracts reflects the company's closer relationship with CoreWeave, whose shares touch a new one-year low Thursday and extend their decline over that period to 54% as concerns rise over its debt-financing strategy.

CoreWeave says in April that it reached a deal with Anthropic to power Claude products, though it does not disclose the value of the agreement. Its relationship with OpenAI runs deeper, and as of September 2025 is worth at least $22 billion, including a five-year agreement to provide data centers and technology.

Despite the latest divergence, both OpenAI and Anthropic contracts remain about 15% below highs reached last month, according to Hyperliquid pricing, indicating that pressure across neocloud-related names is still weighing on sentiment more broadly.

Our earlier coverage of the AI-linked tech selloff detailed how hotter-than-expected inflation data reignited rate-hike fears and pushed investors to reassess the cost of financing large-scale AI infrastructure. We noted that the risk-off move weighed on major tech names and put CoreWeave in focus as its debt concerns intensified alongside broader pressure across chips and cloud-related stocks.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.