Anthropic Hits $1 Trillion Implied Valuation on Secondary Markets, Surpassing OpenAI

Anthropic has reached an implied valuation of approximately $1 trillion on secondary markets, according to data from Forge Global — making it the most valuable private AI company by that measure and surpassing OpenAI, which trades at roughly $880 billion on the same platform. The milestone is a stunning reversal of fortunes: just two months ago, in February 2026, Anthropic closed its $30 billion Series G funding round at a primary valuation of $380 billion.

Kelly Rodriques, CEO of Forge Global, confirmed the figure is "hovering around the $1 trillion mark," driven by intense investor demand and a critical shortage of available shares. Glen Anderson of Rainmaker Securities noted that shares were being acquired within hours, adding that a $960 billion valuation would have been "unthinkable" just a month prior. One shareholder reportedly offered to sell at a $1.15 trillion valuation, while a "very well known growth fund" bid at $1.05 trillion.

Revenue growth is the key engine behind the surge. Anthropic's annualized revenue run rate jumped from $9 billion at the end of 2025 to $30 billion by March 2026 — a 233% increase in a single quarter. The primary driver has been breakout adoption of Claude Code among developers and enterprises, which has made Anthropic's flagship coding product a dominant force in the AI-assisted development market.

By contrast, OpenAI's secondary market valuation of $880 billion is barely above its $852 billion primary valuation, and Forge Global observed a 5-to-1 seller-to-buyer ratio for OpenAI shares in Q1 2026 — a stark shift from the heavy buyer demand seen at year-end 2025. The differential suggests a meaningful rerating of investor sentiment in favor of Anthropic's trajectory.

Analysts caution that secondary market valuations reflect illiquid minority stakes with no board rights and no guaranteed path to liquidity. The true test will come when Anthropic files its S-1 — a process the company is reportedly exploring for as early as late 2026, with Goldman Sachs and JPMorgan serving as advisors. Bankers currently anticipate an IPO valuation in the $400–$500 billion range, roughly half of what secondary markets are now pricing in, echoing the pattern seen when other high-growth private companies discovered that public market multiples rarely sustain the enthusiasm of a late-stage private run-up.