In a surprising turn, Anthropic has eclipsed OpenAI in secondary share trading markets by reaching an implied valuation of approximately $1 trillion.
According to Forge Global’s CEO Kelly Rodriques, who shared the details with Business Insider, Anthropic is currently valued at around $1 trillion on this private-share platform. In comparison, OpenAI is estimated to be worth about $880 billion on the same marketplace.
This gap in valuation marks a significant change from just three months prior. Previously, in February 2026, Anthropic closed its Series G funding round with $30 billion at a post-money valuation of $380 billion, led by investors GIC and Coatue. The current secondary market valuations reflect an almost triple increase.
Anthropic’s annualized run rate was approximately $9 billion as of the end of 2026, according to company reports. By March 2026, this figure had soared to $30 billion, representing a 233% rise within a single quarter, driven largely by enterprise adoption of Claude Code and API products. Furthermore, Amazon’s pledge for an additional investment of up to $25 billion has also bolstered investor sentiment.
The heightened interest in Anthropic shares is evident from the reported 650% increase in activity tracked by Caplight over the past year. Glen Anderson of Rainmaker Securities revealed that a valuation at $960 billion—previously deemed unthinkable—was quickly purchased within hours by competing buyers on secondary markets.
Conversely, OpenAI’s situation differs as it is trading slightly above its early-2026 fundraising round valuation at $880 billion. Caplight noted an uptick in sellers over buyers for OpenAI shares during Q1.
It’s important to note that these secondary market valuations don’t imply a primary-market worth of $1 trillion for Anthropic. These trades are characterized by their illiquidity and minority stakes without board rights or enforced liquidity paths. The figure represents the price a buyer would pay for a minor stake rather than what could be raised in a full funding round or an IPO.
Reports indicate that Anthropic is considering going public as early as late 2026, with Goldman Sachs and JPMorgan serving as advisors. Their target is an IPO valuation between $400 billion to $500 billion, with preparations for the public debut underway since at least late 2025.