Anthropic is said to have reached an implied valuation of $1 trillion in secondary markets.

      Secondary share trading platforms are estimating Anthropic's value at around $1 trillion, just three months following its primary fundraising round, which set the valuation at $380 billion. In contrast, OpenAI is valued at approximately $880 billion on these platforms, marking a notable shift in their relative standings. It's important to note that these valuations are from secondary markets and do not guarantee liquidity.

      Anthropic, the AI firm based in San Francisco and established in 2021 by Dario and Daniela Amodei, has reached an implied valuation nearing $1 trillion on secondary share trading platforms, as reported by Business Insider, surpassing OpenAI's valuation on the same platforms. Kelly Rodriques, CEO of Forge Global, a prominent platform for trading private company shares, informed Business Insider that the company's valuation is "hovering around the $1 trillion mark."

      This development has emerged without a new primary fundraising round or any press releases. It merely indicates what buyers in secondary markets are ready to pay for existing shares held by current or former employees and early investors.

      The speed of this valuation increase is remarkable. Anthropic closed a Series G funding round in February 2026, raising $30 billion and achieving a primary valuation of $380 billion. Just three months later, secondary markets are valuing the company at over two and a half times that amount.

      Market participants cited by Business Insider suggest that this surge is driven by a combination of accelerating revenue and an imbalance between the supply and demand for Anthropic's shares. Glen Anderson from Rainmaker Securities mentioned that he was recently offered the chance to purchase Anthropic shares at a valuation of $960 billion, a figure that had seemed "unthinkable" just a month prior, with shares being quickly acquired by competing buyers.

      According to Ken Sawyer, co-founder of Saints Capital, one of Anthropic’s shareholders expressed a willingness to sell shares at an implied valuation of $1.15 trillion. The revenue growth behind these valuations is notable: Anthropic's annualized revenue run rate was about $9 billion at the close of 2025, rising to $30 billion by March 2026. This is a 233% increase in just one quarter, primarily due to enterprise adoption of Claude Code and the company’s broader API and enterprise offerings. Reuters has reported that Anthropic has yet to finalize a new primary round, having resisted offers from venture capital investors for additional fundraising, as per Bloomberg.

      As a result, demand is being funneled into the secondary market, where buyers acquire shares from current holders instead of directly from the company.

      In contrast, OpenAI's situation presents another perspective. On Forge Global, OpenAI's valuation is approximately $880 billion, only 3% higher than its primary valuation of $852 billion from its early 2026 fundraising round. Caplight, an analytics platform monitoring private-market share activity, indicated that in Q1 2026, the ratio of sellers to buyers of OpenAI shares was five-to-one, a reversal from late 2025 when buyers were more numerous. Glen Anderson characterized interest in OpenAI shares as "tepid" this year, with many bids falling below the company's last primary valuation.

      Jesse Leimgruber, founder of the AI startup OpenHome and holder of secondary Anthropic shares, communicated to Business Insider that a "very prominent growth fund" had offered to purchase Anthropic shares at an implied valuation of $1.05 trillion.

      Valuations in the secondary market differ fundamentally from those in primary fundraising rounds. They represent what buyers are willing to pay for these illiquid, minority shares without any assurance of liquidity, board rights, or the ability to enforce a sale or IPO. An implied valuation of $1 trillion in the secondary market does not mean that Anthropic could secure that amount in a primary fundraising round or that a future IPO would be priced accordingly. The Business Insider article referenced "feverish demand," with buyers even offering homes as collateral for Anthropic shares, indicating speculative enthusiasm rather than a reflection of fundamental valuation. Reports suggest that Anthropic is considering an IPO as early as late 2026.