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

On secondary stock trading platforms, Anthropic has quietly flipped the AI ​​power card, trading around $1 trillion, overtaking OpenAI for the first time.

On Forge Global, one of the leading private equity marketplaces, Anthropic is hovering around the $1 trillion mark, said Forge CEO Kelly Rodriques, who confirmed the figure. Business insider. OpenAI, meanwhile, is traded on the same platform for around $880 billion.

That’s not a small gap. And three months ago it didn’t exist yet.

In February 2026, Anthropic closed a $30 billion Series G round led by GIC and Coatue at a post-money valuation of $380 billion. Today, secondary markets price the company at nearly three times as much. The speed of appreciation is unusual, even by AI’s inflated standards.

Anthropic’s annual run rate was roughly $9 billion at the end of 2026, based on its own reports. By March 2026, that number had risen to $30 billion – a 233% increase in one quarter, thanks in large part to enterprise adoption of Claude Code and the company’s API products. Amazon’s recent pledge of up to $25 billion in additional investments wasn’t bad for the mood either.

This mix of good deals (and good PR) has increased interest in Anthropic stock. Caplight, which tracks private market activity, reported that interest in Anthropic has increased by more than 650% in the last twelve months.

In addition to revenues, the supply side is doing the heavy lifting to push these valuations up. Anthropic employees and early investors have had very few opportunities to sell. When buyers flood in and hardly anyone sells, prices move quickly. Glen Anderson of Rainmaker Securities told Business Insider that a $960 billion valuation – which would have been “unthinkable” a month earlier – was snapped up by competing buyers within hours.

The OpenAI image looks different. On Forge Global, OpenAI trades for $880 billion – just 3% above its $852 billion valuation from its early 2026 fundraising round. found that Sam Altman’s company reported in the first quarter that more people were interested in selling than buying on secondary markets.

None of this means that Anthropic is worth $1 trillion in a primary market sense. Secondary trades are illiquid, minority positions with no governance rights and no path to forced liquidity. The trillion-dollar figure reflects what a buyer will pay for a small stake, not what Anthropic could raise in a full financing round, and not necessarily what an IPO would cost.

Reports suggest Anthropic is exploring a public debut as early as late 2026, with advice from Goldman Sachs and JPMorgan, and is targeting an IPO valuation between $400 billion and $500 billion. In any case, the groundwork for the IPO will already be underway by the end of 2025.