OpenAI’s $852 billion valuation is under increasing scrutiny from its own backers as the group switches focus to the enterprise market and tackling competition from Anthropic.

A recent flurry of deals, initiatives and abandoned projects is designed to reorient the company around a new strategy: defend ChatGPT’s dominance among consumers, while taking on Anthropic in the higher-margin market for corporate AI tools.

Some OpenAI investors told the FT the changes could leave it vulnerable to Anthropic and a resurgent Google, all while preparing for a blockbuster initial public offering as early as this year.

“You have ChatGPT, a 1 billion-user business growing 50-100 per cent a year, what are you doing talking about enterprise and…