OpenAI and Anthropic both announced acquisitions on the same day, causing dual IPO anxiety.
On April 2, OpenAI and Anthropic each announced an acquisition. OpenAI acquired the tech livestream show TBPN, while Anthropic spent around $4 billion in stock to acquire the AI biotech startup Coefficient Bio. Both companies are aiming for a late 2026 IPO, but their shopping lists point to vastly different anxieties.
15 vs 3. That's the number of acquisitions OpenAI and Anthropic have respectively completed in the past three years.

According to Crunchbase data, since 2023, OpenAI has completed 15 acquisitions spanning hardware, enterprise services, development tools, healthcare, security, media, and consumer sectors. They completed 6 deals in just the first three months of 2026. The disclosed deal value total surpasses $7.7 billion, with the largest being the May 2025 acquisition of AI hardware company io founded by former Apple designer Jony Ive for $6.5 billion.
Anthropic has only made 3 acquisitions. In December 2025, they acquired the JavaScript runtime Bun to complement Claude Code's underlying infrastructure. According to an official statement from Anthropic, the Bun acquisition coincided with Claude Code's annualized revenue reaching $1 billion. In February 2026, they acquired the computer use agent startup Vercept, strengthening Claude's autonomous operation capabilities. On April 2, they acquired Coefficient Bio, entering the life science research pipeline. Each deal precisely aligns with a technical layer of the Claude product stack.
It's worth noting that OpenAI had one failed deal. In May 2025, OpenAI had reached a $3 billion acquisition agreement with the code editor Windsurf (formerly Codeium). However, according to IT Pro, due to IP clauses in Microsoft contracts, OpenAI couldn't protect Windsurf's tech from being accessed by Microsoft, leading to the deal falling apart in July. This failed deal also reflects a structural constraint of OpenAI's "breadth acquisition" model.
This discrepancy in density is not coincidental. It reflects the vastly different revenue structures of the two companies and the resulting distinct anxieties.
Revenue Structure Determines Acquisition Direction
According to Sacra's estimate, OpenAI had an annualized revenue of around $25 billion in February 2026, with about sixty percent coming from the consumer side (ChatGPT subscriptions) and forty percent from the enterprise side. The foundational revenue for OpenAI comes from its 15.5 million paid users. For a company about to IPO, a high percentage of revenue from the consumer side means that public sentiment directly affects the valuation narrative.
This explains why OpenAI acquired TBPN. According to Axios, TBPN is a daily live tech talk show, generating $5 million in advertising revenue in 2025 and targeting over $30 million in 2026. Following the acquisition, OpenAI retained its editorial independence while hiring former Postmates executive Dylan Abruscato to lead ad monetization. The rationale for buying a tech podcast lies not in its revenue but in its ability to sustainably influence public discourse on AI topics.

Anthropic's anxiety direction is entirely different. According to Ramp data cited by Sherwood News, Anthropic currently holds 73% of the first-time AI procurement enterprise customer share, up from 50% just 10 weeks ago. As reported by SaaStr, around 80% of Anthropic's revenue comes from the enterprise side. For enterprise customers, selecting an AI vendor is a high switching cost decision. Anthropic's IPO narrative needs to demonstrate that these enterprise customers will not churn.
Three Strategic Moves in Six Months
The Coefficient Bio acquisition was not a spur-of-the-moment decision. Placing it in the context of Anthropic's actions over the past six months reveals a clear logic.
In October 2025, Anthropic launched Claude for Life Sciences, integrating with research databases like PubMed and UniProt to enable Claude to assist with literature reviews and experimental design. In January 2026, at the JPM26 conference, Claude for Healthcare was announced, obtaining HIPAA compliance certification and officially entering the healthcare system. On April 2nd, Coefficient Bio was acquired, gaining end-to-end AI capabilities for drug discovery.

Over the course of six months, from the tool access layer to the compliance access layer, and then to the R&D pipeline layer. According to Newcomer, Coefficient Bio was founded just 8 months ago, with fewer than 10 employees, and is held around 50% by venture capital firm Dimension. Anthropic completed the acquisition of Claude for about 400 million USD in stock, with Dimension stating in its LP letter that the investment's IRR reached 38,513%.
This number itself indicates that Anthropic did not buy a company's revenue or product, but rather a team plus an industry entry point. According to Anthropic's official statement and RD World, pharmaceutical companies such as Sanofi, Novo Nordisk, AbbVie, Genmab, and others are already using Claude's life science tools. The case of Novo Nordisk is particularly noteworthy, as the processing time for clinical research documents has been reduced from over 10 weeks to 10 minutes.
Two Balance Sheets, One Countdown
According to WinBuzzer and The Tech Portal, Anthropic has hired Goldman Sachs and JPMorgan to lead the underwriting and aims to go public as early as October 2026, with a financing size exceeding 600 billion USD. OpenAI is targeting Q4 2026 or Q1 2027 for a valuation approaching 1 trillion USD. According to Tom Tunguz's analysis, if OpenAI, Anthropic, and SpaceX were to IPO in the same year, these three alone could absorb over 3 trillion USD of market liquidity.
Both companies are making final strategic adjustments ahead of the IPO. CNBC reported that OpenAI CEO Fidji Simo internally announced the discontinuation of Sora, Atlas browser, hardware projects, and instant checkout functionality, stating that the company is "like entering a red alert" and needs to focus on enterprise and agency products. Anthropic's path is to continue to deepen its penetration into vertical industries such as life sciences, using industry switching costs to lock in enterprise customers.

FinancialContent reported that OpenAI's board is concerned that if Anthropic goes public first, it will absorb the long-held enthusiasm of retail investors for AI. The two companies have a valuation difference of more than 2x, but they are competing for the money of the same group of investors. Two acquisitions on the same day, one buying a narrative machine, the other buying an industry entry point.
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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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