Anthropic Reaches $1 Trillion Implied Valuation on Secondary Markets
April 23, 2026 – 12:12 pm
Secondary share trading platforms are pricing Anthropic at approximately $1 trillion, just three months after its primary fundraising round valued it at $380 billion. OpenAI is traded at $880 billion on the same platforms, marking a significant reversal of their previous order.
These valuations, reported by Business Insider, are not from primary rounds and do not guarantee liquidity. Anthropic, founded in 2021 by Dario and Daniela Amodei in San Francisco, has surpassed OpenAI’s valuation without a primary fundraising round or official press release.
"The valuation was hovering around the $1 trillion mark," shared Kelly Rodriques, CEO of Forge Global, a leading private-company share trading platform.
The rapid appreciation is notable: Anthropic closed a $30 billion Series G funding round in February 2026 at a primary valuation of $380 billion. Three months later, secondary markets value the company more than two and a half times higher.
Market participants attribute this to revenue acceleration and a supply-demand imbalance for Anthropic shares. Glen Anderson of Rainmaker Securities noted that offers for Anthropic shares at $960 billion were made recently, a figure "unthinkable" just a month ago.
One shareholder even expressed willingness to sell at an implied valuation of $1.15 trillion, according to Ken Sawyer of Saints Capital.
Anthropic’s revenue trajectory is equally impressive: its annualized revenue run rate reached $30 billion by March 2026, up a staggering 233% from the prior quarter, driven mainly by enterprise adoption of Claude Code and the company’s API and enterprise products.
Reuters confirmed Anthropic hasn’t agreed to a new primary round, having allegedly turned down investment proposals from venture capital firms. Consequently, demand is funneling into the secondary market where shares are acquired from existing holders rather than directly from the company.
In contrast, OpenAI’s valuation on Forge Global stands at approximately $880 billion, only 3% above its primary valuation of $852 billion from early 2026.