Surpassing OpenAI! Anthropic's secondary market valuation soars to $1 trillion

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Anthropic's valuation in the private secondary market has surpassed $1 trillion, overtaking OpenAI in one fell swoop and becoming the hottest private investment target in the current AI sector. This price was almost unbelievable just a few weeks ago, yet now it has quietly come true as buyers scramble for shares.

According to reports, Kelly Rodriques, CEO of leading private equity trading platform Forge Global, revealed that Anthropic is currently valued at around $1 trillion on the platform, while OpenAI's corresponding valuation is $880 billion—the latter was valued at $852 billion in an earlier funding round this year, more than double Anthropic's latest financing valuation.

The reversal of market sentiment has stunned industry insiders: despite both being unlisted AI giants, OpenAI has become a "cold dish" in the eyes of some traders.

This valuation gap reflects the severe imbalance between supply and demand in the secondary market. Anthropic shareholders hold few shares, while buyers swarm in; some sellers are even asking prices as high as $1.15 trillion. For institutional investors and family offices, owning Anthropic shares has evolved from a financial decision into a status symbol, further fueling irrational premiums.

Short Supply, Soaring Valuations

Just three months ago, Anthropic completed a fundraise led by GIC and Coatue, with a valuation of $380 billion at the time. Since then, demand for its shares in Silicon Valley has surged, driven by two factors: first, the company's rapid revenue growth, and second, the strong market momentum of AI programming assistant Claude Code.

The intensity of demand is evident in recent bids. According to insider Ken Sawyer (co-founder and managing partner of Saints Capital), a recent Anthropic shareholder offered to sell shares at a $1.15 trillion valuation; Jesse Leimgruber, founder of OpenHome, wrote on X this week that a "very well-known growth fund" placed a bid to buy Anthropic shares at a $1.05 trillion valuation, marveling that "this is insane." Some buyers have even come up with unusual offers, proposing to swap their own homes for Anthropic shares valued at over $800 billion.

Glen Anderson, CEO of Rainmaker Securities, an investment bank focused on private securities transactions, said he just received a $960 billion bid to buy Anthropic shares: "A few weeks ago this was unimaginable, but before I could even evaluate it, someone else snatched it up. There are almost no sellers."

This level of enthusiasm is also apparent in the daily experience of shareholders. Bradley Horowitz, general partner at Wisdom Ventures, which invested early in both Anthropic and OpenAI, said:

"We get all sorts of offers ranging from ridiculous to tempting every day, but I rarely open those emails because we're simply not interested—we're taking a long-term view."

FOMO Driven, Fundamentals Give Way to Emotion

Anderson pointed out that much of the current demand is driven less by fundamentals and more by fear of missing out (FOMO). Investors from VC firms and family offices feel compelled to own shares of Anthropic at all costs. "It's almost no longer about returns, but about whether you can call yourself an Anthropic investor," he said. "That's the real reason driving prices up."

Anderson stated that so far this year he has seen almost no bids for OpenAI shares, with market offers even lower than its latest $852 billion valuation. "The market for OpenAI is very cold; sentiment has clearly shifted to Anthropic."

The Secondary Market as a Pricing Barometer for Unlisted AI Companies

Since both Anthropic and OpenAI are still unlisted, the vast majority of investors hoping to hold positions can only access the secondary market—by buying shares sold by existing or former employees and early investors. Both companies have not responded to media requests for comment.

Platforms like Forge Global have become key observation windows for changes in private AI company valuations. The platform's CEO Kelly Rodriques disclosed the aforementioned latest offers to Business Insider. It is worth noting that secondary market valuations reflect the supply and demand dynamics between buyers and sellers at specific moments, not the company's audited intrinsic value. Their volatility and emotional premiums are naturally higher than that of primary market financing, and investors should remain cautious.

Risk Warning and DisclaimerThe market carries risks, and investments should be made cautiously. This article does not constitute personal investment advice, nor does it consider the individual investment objectives, financial situation, or needs of any particular user. Users should consider whether any opinions, views, or conclusions expressed herein are appropriate for their particular circumstances. Investments made accordingly are at your own risk. ```