Anthropic’s valuation surpasses $1 trillion, exceeding OpenAI

On private share marketplace - Forge Global, Anthropic’s implied valuation has increased to around $1 trillion. The company surpassed OpenAI, which is currently trading near $880 billion on the same platform, according to Forge Global CEO Kelly Rodriques.

For context, OpenAI’s most recent primary funding round valued it at $852 billion, while Anthropic’s latest primary raise, led by GIC and Coatue about three months ago, pegged it at $380 billion. The sharp jump in secondary market pricing reflects a significant premium over these earlier valuations.

A limited supply of available shares has intensified competition among investors, steadily driving up prices. As per a news source, Glen Anderson, CEO of Rainmaker Securities, noted that a bid valuing Anthropic at $960 billion vanished before he could act on it. Similarly, Ken Sawyer of Saints Capital revealed that one shareholder sought to sell at a $1.15 trillion valuation, while another prominent growth fund offered to buy at $1.05 trillion.

Current Anthropic shareholders report being inundated with unsolicited approaches but show little inclination to part with their stakes. "We receive daily offers from the ridiculous to the sublime," Bradley Horowitz, a general partner at Wisdom Ventures — an early investor in both Anthropic and OpenAI — told the news source. "We are playing a long game."

Anderson told the source that the frenzy is rooted more in anxiety about being left out than in any careful assessment of the company's worth. "It's almost less about the return than being able to say they're an Anthropic investor," he said. OpenAI's position in the secondary market looks markedly different: Anderson said interest there has been thin, with buyers unwilling to match even the price set during the company's last fundraise.

Anthropic’s strong revenue momentum has further fueled investor enthusiasm. The company’s annualized revenue reportedly climbed from $9 billion late last year to $30 billion by March 2026, largely driven by rapid adoption of its Claude Code tool among developers.

As neither company is publicly listed, share transactions typically occur through private secondary deals, often involving employees, former staff, or early-stage investors.

The secondary market valuation comes as Anthropic has drawn growing attention for its rapid growth and a public dispute with the Defense Department after it refused to allow its AI models to be used for autonomous weapons or domestic surveillance. The company has also unveiled a cybersecurity initiative, Project Glasswing, built around a new unreleased model called Claude Mythos, with partners including Microsoft, Google, and AWS.