With AI, investor loyalty is (almost) dead: At least a dozen OpenAI VCs now also back Anthropic | TechCrunch

TechCrunch

by Julie Bort

February 23, 2026

AI-Generated Deep Dive Summary

The concept of investor loyalty is rapidly eroding in the realm of artificial intelligence (AI) startups, as evidenced by a growing trend of venture capital firms investing in both OpenAI and Anthropic. This shift has sparked concerns over potential conflicts of interest, particularly given the confidential nature of investments in private companies and the fiduciary responsibilities VCs hold toward their portfolio firms. With OpenAI nearing a $100 billion funding round and Anthropic closing its $30 billion raise, at least a dozen prominent investors, including Founders Fund, Iconiq, Insight Partners, and Sequoia Capital, have dual investments in both companies. While some of these overlaps can be explained by hedge funds or asset managers focusing on public stocks, the involvement of VC firms raises ethical questions about loyalty and transparency. The breakdown of traditional investor loyalty is partly due to the massive funding rounds AI labs are securing, driven by unprecedented growth and returns potential. This has created a competitive environment where even top-tier VCs like Sequoia Capital are breaking longstanding ethical norms. For instance, BlackRock’s affiliated funds invested in Anthropic despite having a senior leader on OpenAI’s board, highlighting how the scale and allure of AI investments are overriding historical practices. However, not all VC firms have followed suit. Notable exceptions include Andreessen Horowitz, which backs OpenAI but not Anthropic, and Menlo Ventures, which supports Anthropic while avoiding OpenAI. These examples suggest that while some investors are navigating this new landscape cautiously, others are embracing the shift toward dual investments. This trend matters to tech enthusiasts and industry watchers as it challenges the foundation of trust between VCs and startups. The ethical implications extend beyond AI to broader questions about investor responsibility in high-stakes industries. As AI continues its rapid growth, the way investors balance their allegiances will shape the future of innovation and competition in this sector.

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Originally published on TechCrunch on 2/23/2026