AI Investors Blur Loyalty Lines by Backing Both OpenAI and Anthropic

Published: 24 Feb 2026

As OpenAI and Anthropic close some of the largest private funding rounds in tech history, a growing number of venture capital firms are backing both rivals. The overlap signals a structural shift in how investors approach AI, weakening long-held norms around exclusivity, confidentiality, and founder-aligned loyalty in venture capital.

Dual Bets Become the New Normal in AI

The traditional idea that venture capital firms pick sides is under pressure as the AI sector absorbs unprecedented amounts of capital. With OpenAI reportedly nearing a massive new funding round and Anthropic recently closing a multibillion-dollar raise of its own, investor overlap between the two rivals is no longer an exception.

At least a dozen firms with direct stakes in OpenAI also participated in Anthropic’s latest financing. Among them are well-known venture names such as Sequoia Capital, Founders Fund, Insight Partners, and Iconiq.

Asset Managers and VCs Follow Different Rules

Some overlap is easier to explain when it comes from large asset managers or hedge funds whose mandates already include competing public companies. Firms like Fidelity, D1 Capital Partners, and TPG often invest across an entire sector rather than backing a single champion.

More striking, however, is the participation of affiliated funds from BlackRock in Anthropic’s raise, while a senior BlackRock executive also holds a board seat at OpenAI. While legally permissible, the situation highlights how blurred governance boundaries can become in today’s AI investment environment.

Why This Breaks With VC Tradition

Venture capital has historically sold itself as more than capital. Firms promise strategic guidance, competitive insight, and long-term alignment with founders. That model becomes harder to sustain when investors hold stakes in direct competitors that rely on proprietary research, confidential roadmaps, and massive infrastructure plans.

This tension is especially visible given that Sam Altman, a former venture capitalist himself, understands how information flows between startups and their investors. In previous years, OpenAI signaled discomfort with investors making active bets in rival AI labs, particularly those founded by former OpenAI employees.

Scale Changes the Rules

What ultimately drives this shift is scale. Frontier AI development now requires tens of billions of dollars for chips, data centers, and talent. As funding rounds balloon and potential returns grow, investors face fewer incentives to remain exclusive. When capital needs are that large, saying no to a rare opportunity can mean missing out on an entire technological era.

At the same time, not every firm has embraced the dual bet strategy. Some investors remain aligned with only one camp, including Andreessen Horowitz on the OpenAI side and Menlo Ventures on the Anthropic side. Others, such as Bessemer Venture Partners, General Catalyst, and Greenoaks, appear to have chosen a single exposure.

A New Question for Founders

As elite firms abandon old taboos, founders may need to adjust their own expectations. Conflict of interest policies, board roles, and access to sensitive information are becoming critical questions in AI term sheets, not afterthoughts.

The rise of dual investments suggests that in frontier AI, venture capital is evolving from a relationship-driven model into something closer to sector-wide exposure. Loyalty, once a selling point, is increasingly secondary to optionality in the race to define the future of artificial intelligence.

Sources:

TechCrunch – Venture Capital Shift in AI Funding