Anthropic Tops OpenAI on Secondary Markets at $1 Trillion

Anthropic’s shares are trading near $1 trillion on private secondary platforms such as Forge Global, surpassing OpenAI at about $880 billion after Anthropic’s annualized revenue reached $30 billion by March 2026.

Forge Global CEO Kelly Rodriques confirmed Anthropic’s valuation around $1 trillion and OpenAI’s near $880 billion on that venue.

Anthropic closed a $30 billion Series G in February 2026 led by GIC and Coatue at a $380 billion post-money valuation; secondary prices have climbed to more than 2.6 times that level. Observers attribute the rise to strong buyer demand for limited, illiquid stakes on private-share marketplaces.

The company reported an annualized run rate of about $9 billion at the end of 2025 and $30 billion by March 2026, a 233% increase in one quarter. Executives and investors point to enterprise adoption of Claude Code and Anthropic’s API products as primary drivers. A potential additional investment of up to $25 billion from Amazon has also contributed to investor interest.

Caplight, which tracks private-market activity, reported interest in Anthropic shares rose more than 650% over the past 12 months. Limited supply of available stock has left buyers competing for small stakes; Glen Anderson of Rainmaker Securities noted valuations near $960 billion were being bought within hours.

OpenAI’s secondary price has been steadier, trading roughly 3% above a roughly $852 billion valuation set in an early-2026 fundraising round. Caplight’s data indicate more holders showed interest in selling OpenAI shares than buying them in the first quarter of 2026.

Secondary-market prices reflect what buyers will pay for minority, non-controlling stakes and do not directly equate to what a company could raise in a full funding round or what an IPO might fetch. Trades on platforms like Forge Global are typically illiquid and carry limited rights for purchasers.

Anthropic has explored an initial public offering as early as late 2026, with Goldman Sachs and JPMorgan advising and a potential IPO valuation target in the $400 billion to $500 billion range; IPO preparations have been underway since at least late 2025.

The gap between the two companies on secondary platforms reflects differences in buyer demand and the availability of small stakes rather than a direct measure of primary-market value.