Anthropic Beats OpenAI on Secondary Markets With $1 Trillion Implied Valuation

On secondary stock trading platforms, Anthropic has softly flipped the AI powerfulness map—trading astatine astir $1 trillion, overtaking OpenAI for the archetypal time.

On Forge Global, 1 of the starring private-share marketplaces, Anthropic is hovering astir the $1 trillion mark, according to Forge CEO Kelly Rodriques, who confirmed the fig to Business Insider. OpenAI, meanwhile, is trading astatine astir $880 cardinal connected the aforesaid platform.

That's not a tiny gap. And it didn't beryllium 3 months ago.

In February 2026, Anthropic closed a $30 cardinal Series G round led by GIC and Coatue astatine a post-money valuation of $380 billion. Today, secondary markets are pricing the institution astatine astir 3 times that figure. The velocity of the appreciation is antithetic adjacent by AI's inflated standards.

Anthropic's annualized tally complaint sat astatine astir $9 cardinal astatine the extremity of 2026, based connected its ain reports. By March 2026, that fig had jumped to $30 billion—a 233% summation successful a azygous quarter, fueled mostly by endeavor adoption of Claude Code and the company's API products. Amazon's caller committedness of up to $25 cardinal successful further investment didn't wounded the temper either.

This premix of bully deals (and bully PR) person accrued the appetite for Anthropic shares. Caplight, which tracks private-market stock activity, reported that involvement successful Anthropic has spiked implicit 650% successful the past 12 months.

Besides revenue, the proviso broadside is doing the dense enactment pushing up these valuations. Anthropic employees and aboriginal investors person had precise fewer chances to sell. When buyers heap successful and astir cipher is selling, prices determination fast. Glen Anderson of Rainmaker Securities told Business Insider that a $960 cardinal valuation—which would person been "unthinkable" a period earlier—was being snapped up wrong hours by competing buyers.

The OpenAI representation looks different. On Forge Global, OpenAI is trading astatine $880 billion—just 3% supra its $852 cardinal valuation from its early-2026 fundraising round. Caplight found that successful Q1, Sam Altman’s institution reported much radical funny successful selling than buying it connected secondary markets.

None of this means Anthropic is worthy $1 trillion successful immoderate primary-market sense. Secondary trades are illiquid, number positions with nary committee rights and nary way to forced liquidity. The trillion-dollar fig reflects what a purchaser volition wage for a tiny stake, not what Anthropic could rise successful a afloat backing round, and not needfully what an IPO would beryllium priced at.

Reports suggest Anthropic is exploring a nationalist debut arsenic aboriginal arsenic precocious 2026, with Goldman Sachs and JPMorgan advising, targeting an IPO valuation successful the $400–$500 cardinal range. IPO groundwork has been underway since astatine slightest precocious 2025.