The technology sector, specifically artificial intelligence, is witnessing unprecedented investment shifts as Anthropic’s implied valuation reaches roughly $1 trillion on secondary market platforms. This massive figure not only surpasses its direct rival OpenAI but also makes it the highest-valued private AI company by this metric, marking one of the fastest valuation ascents in modern tech history.
Valuation surge on secondary market platforms
Kelly Rodriguez, CEO of Forge Global—one of the most prominent private company stock trading platforms—confirmed that Anthropic shares are currently trading at levels reflecting a valuation close to $1 trillion. This figure clearly outperforms OpenAI’s current secondary market valuations, which range between $850 billion and $880 billion, representing just a modest premium over the official $852 billion valuation OpenAI achieved during its March 2026 funding round.
These figures reflect a frantic acceleration in Anthropic’s valuation. In mid-April, another secondary platform called Caplight valued the company at approximately $688 billion, indicating that the rush to break the $1 trillion barrier gained massive momentum in just a matter of days.
Frenzied investment demand and supply shortages
This skyrocketing rise is driven by intense demand from buyers colliding with a noticeable decline in available shares for trade. Traders in these markets report that Anthropic shareholders receive multiple unsolicited offers daily to buy out their stakes.
Another secondary platform, Hive, recorded confirmed purchase orders exceeding $1.6 billion for Anthropic shares, with all orders offered at a significant premium over the valuation the company secured in its latest primary funding round, reflecting investors’ absolute confidence in the company’s future trajectory.
Noticeable decline in OpenAI’s momentum
On the other side of this staggering rise, OpenAI faces a clear loss of momentum on those same secondary platforms. An early April Bloomberg report noted that OpenAI shares have “lost their luster” in secondary markets, with some shareholders finding it extremely difficult, if not nearly impossible, to offload and sell their stakes.
Similarly, Ken Smith, founder of Next Round Capital, stated that his platform witnessed a tangible drop in demand for OpenAI securities. He added that roughly half a dozen institutional investors, including hedge funds and venture capital firms, contacted secondary platforms seeking buyers to liquidate nearly $600 million worth of their company holdings.
Upward trajectory and the success of “Claude Code”
This divergence in secondary market valuations is notable, especially since OpenAI’s official $852 billion valuation still equals more than double Anthropic’s latest official valuation in primary rounds, which stood at $380 billion upon the closure of its $30 billion Series G funding round in February 2026.
However, secondary market buyers appear to price shares based on the company’s future upward trajectory rather than previous round figures. Anthropic’s trajectory has simply been exceptional. The company’s annual revenue jumped from $1 billion at the start of 2025 to reach $30 billion by early April 2026. The company attributes this growth primarily to massive sales of its coding assistant tool, “Claude Code.”
This tool alone achieved a run-rate revenue of $2.5 billion by February 2026, doubling since the beginning of the year. Furthermore, the number of enterprise customers spending over $1 million annually doubled from 500 to 1,000 in less than two months.
Initial public offering race
Both tech giants are now preparing for competing IPOs that could rank among the largest in tech sector history. Anthropic is currently in preliminary talks with Goldman Sachs, JPMorgan, and Morgan Stanley regarding a potential listing that could happen as early as October 2026, with expectations of raising over $60 billion.
Conversely, OpenAI is also looking toward an initial public offering in late 2026. The open question remains how secondary market investor sentiment will translate into actual pricing at the IPO, but for now, the private market has clearly chosen its favorite company.
Frequently Asked Questions
What is Anthropic’s current valuation in secondary markets?
Anthropic’s implied valuation currently touches the $1 trillion mark on secondary private stock trading platforms, making it the highest-valued company in the AI field, surpassing OpenAI.
What led to this massive jump in valuation?
The jump stems from intense investor demand and a shortage of supplied shares, alongside explosive growth in company revenue reaching $30 billion, driven by the success of the “Claude Code” tool in the enterprise sector.
What is the status of OpenAI shares compared to Anthropic?
OpenAI shares are experiencing a decline in momentum on secondary platforms, with many institutional investors attempting to sell stakes worth hundreds of millions of dollars amid a noticeable drop in demand compared to its rival.
When do the two companies plan to go public?
Anthropic is holding talks to launch an IPO by October 2026 aiming to raise over $60 billion, while OpenAI plans for an IPO later that same year.
