Anthropic’s implied valuation reached $1 trillion on secondary markets, overtaking OpenAI’s $880 billion valuation on the same platform.
Three months prior, Anthropic was valued at $380 billion following a funding round led by GIC and Coatue. The secondary market price has since increased nearly threefold.
Forge Global CEO Kelly Rodriques confirmed Anthropic’s valuation stands at approximately $1 trillion on the private share marketplace. OpenAI’s valuation on Forge Global is $880 billion, up slightly from its March funding round.
OpenAI had previously been valued at $852 billion in recent funding rounds, more than double Anthropic’s valuation at that time. The secondary market has reversed this order.
Rainmaker Securities CEO Glen Anderson described Anthropic’s trajectory as extraordinary, noting strong investor interest in breakthrough AI opportunities. He stated Anthropic now holds the leading position.
Because Anthropic and OpenAI remain private, investors seeking ownership must use secondary markets where current employees, former employees, or early investors resell shares.
Anderson reported receiving an offer to buy Anthropic shares at a $960 billion valuation, which was purchased by another party before he could evaluate it. He said offers are received and bought within a day, with few sellers available.
Saints Capital co-founder Ken Sawyer revealed an Anthropic shareholder recently offered to sell shares at up to $1.15 trillion valuation. OpenHome founder Jesse Leimgruber said a prominent growth fund paid $1.05 billion to acquire Anthropic shares.
Some potential buyers have offered to sell their homes to acquire Anthropic shares valued above $800 billion. Anderson acknowledged much current demand stems from fear of missing out rather than fundamental analysis.
The primary driver behind the surge is Anthropic’s strong revenue growth and the adoption of Claude Code, its AI programming assistant gaining significant attention in Silicon Valley.
What explains the gap between private funding rounds and secondary market valuations?
The gap reflects limited supply of shares combined with high demand from investors seeking exposure to private AI companies, with secondary markets pricing based on immediate buyer-seller dynamics rather than formal funding rounds.
Why are investors paying premiums for Anthropic shares on secondary markets?
Investors are driven by fear of missing out on Anthropic’s growth, particularly its revenue surge from $9 billion to $30 billion annualized between late 2025 and March 2026, fueled by Claude Code adoption.