- Secondary market trades now value AI firm Anthropic at approximately $1 trillion, surpassing OpenAI‘s $880 billion on platforms like Forge Global.
- The valuation spike follows a 233% revenue surge in Q1 2026 to a $30 billion annualized run rate, fueled by enterprise adoption of Claude Code.
- On the same secondary markets, buyer interest in Anthropic shares has spiked over 650% in the last year.
- Despite secondary market fever, Anthropic is reportedly preparing for a late-2026 IPO targeting a valuation between $400–$500 billion.
In a stunning shift on private share exchanges, Anthropic has overtaken rival OpenAI, with its shares trading at around $1 trillion on secondary platforms like Forge Global in March 2026. This valuation leap happened just months after its $380 billion funding round, reflecting a dramatic recalibration of market leadership.
The surge is directly linked to an explosive revenue ramp, with the company’s annualized run rate soaring from $9 billion to $30 billion in a single quarter. Primary drivers were massive enterprise adoption of its Claude Code and API products, alongside a major new investment commitment from Amazon.
Consequently, demand for its scarce shares skyrocketed, with data from Caplight showing buyer interest spiking over 650% in the past year. Glen Anderson of Rainmaker Securities noted that a $960 billion valuation, once unthinkable, was being snapped up by competing buyers within hours.
Meanwhile, OpenAI presents a contrasting picture, trading at just 3% above its last primary round valuation. According to the same Caplight report, Q1 saw more sellers than buyers for its shares on secondary markets.
However, the trillion-dollar figure represents an illiquid, minority-stake price rather than a formal IPO target. Reports suggest Anthropic is working with Goldman Sachs and JPMorgan on a public debut, aiming for a more conservative $400–$500 billion valuation late this year.
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