OpenAI and Anthropic are approaching trillion-dollar valuations, but history suggests the biggest rewards may go to the companies building on top of them.

First it tops OpenAI's valuation, then it beats Altman to the IPO punch

The Deutsche Bank report noted that "OpenAI is in a race with Anthropic, which overtook it in sales last month and is on track to generate $40 billion in annual recurring revenue…

OpenAI and Anthropic are approaching trillion-dollar valuations, but history suggests the biggest rewards may go to the companies building on top of them.

Anthropic and OpenAI are racing toward trillion-dollar valuations as foundation model funding absorbs 14% of global venture capital. The question is whether foundation labs have…