Investor Gavin Baker said on Friday's All-In Podcast that Anthropic is losing marginal share to OpenAI, open source models, and Grok, even as its growth remains very rapid. According to ChainCatcher, Baker said that if the reported $65 billion figure is accurate, any leak may have been intended to support Anthropic's upcoming IPO roadshow by helping it claim a higher annual recurring revenue after expanding capacity from July to September.

Baker said that after Anthropic's potential September or October IPO roadshow comments, the market should expect leaks from OpenAI as well, given OpenAI's aggressive efforts to secure computing power and its likely gains in market share. He said there would be significant positioning around the IPO.

Baker also said the $65 billion figure is impressive for Anthropic, which has limited capacity, and for the broader AI industry, even if the company may be losing some share. He added that Codex user numbers have nearly doubled over the past five weeks.