Anthropic, the artificial intelligence company behind the Claude family of models, is trading at an implied valuation of approximately $1 trillion on Forge Global, the private share marketplace, surpassing OpenAI's $880 billion mark on the same platform.
The figure represents a more than 2.6-fold increase on the $380 billion post-money valuation set just three months ago in Anthropic's $30 billion Series G round, which was led by GIC and Coatue and closed in February.
Kelly Rodriques, chief executive of Forge Global, confirmed to Business Insider that Anthropic's secondary market valuation was "hovering around the $1 trillion mark."
The appreciation has been driven by a combination of explosive revenue growth and a severe supply-demand imbalance in available shares.
Anthropic's annualised revenue run rate jumped from roughly $9 billion at the end of 2025 to $30 billion by March, a 233% increase in a single quarter fuelled primarily by enterprise adoption of Claude Code, the company's AI-powered coding tool, which alone generates more than $2.5 billion in annualised revenue.
The number of businesses spending more than $1 million a year on Anthropic's products has doubled in under two months and now exceeds 1,000 enterprise clients.
Because Anthropic has reportedly resisted overtures from venture capital investors for a new primary fundraise, all buyer demand is being channelled into the secondary market, where shares can only be acquired from existing holders.
Interest in Anthropic shares rose more than 650% over the past 12 months, according to Caplight, an analytics platform that tracks private market activity.
One Anthropic shareholder listed shares at an implied valuation of $1.15 trillion, according to Ken Sawyer, co-founder of Saints Capital, while Jesse Leimgruber, founder of AI start-up OpenHome, said a "very prominent growth fund" had offered to buy at $1.05 trillion.
One prospective buyer reportedly offered a 14-acre estate as collateral for shares valuing the company above $800 billion.
"We receive daily offers from the ridiculous to the sublime," said Bradley Horowitz, a general partner at Wisdom Ventures, an early investor in both Anthropic and OpenAI.
The contrast with OpenAI is stark.
On Forge Global, OpenAI trades at roughly $880 billion, just 3% above its $852 billion primary valuation from an early 2026 fundraise, and Caplight data show the ratio of sellers to buyers in OpenAI shares ran at five to one in the first quarter.
Related reading
- AI coding agents from Anthropic, Google and GitHub leaked repository secrets after prompt injection attack
- Anthropic spots 'emotion vectors' inside Claude
- Robinhood Ventures invests $75m in OpenAI
Secondary market valuations reflect what buyers will pay for illiquid, minority stakes with no board rights or guaranteed path to liquidity, and do not equate to what a company could raise in a primary round or achieve at IPO.
Anthropic is reportedly exploring a public listing as early as October, with Goldman Sachs and JPMorgan advising on a target IPO valuation in the $400 billion to $500 billion range.
The recap
- Anthropic reaches $1 trillion valuation on Forge Global secondary market
- Latest funding round valued company at $380 billion post-money
- Company says it fielded numerous offers from venture capitalists
