Anthropic Hits $1T Secondary Valuation, Surpassing OpenAI
Anthropic's secondary shares trade around $1 trillion on Forge Global, outpacing OpenAI's $880 billion. Revenue skyrocketed 233% to $30 billion annualized, driven by Claude Code. The company explores an IPO targeting $400-500 billion, though secondary prices reflect illiquid minority stakes.
Quick Take
Anthropic's secondary valuation hits $1T, overtaking OpenAI at $880B on Forge.
Revenue surged 233% to $30B fueled by Claude Code enterprise adoption.
IPO plans target $400-500B, but secondary trades are illiquid and minority stakes.
Market Impact Analysis
NeutralNo crypto market impact; article about AI company valuation.
Speculation Analysis
Key Takeaways
- Anthropic's secondary market valuation reached $1 trillion, eclipsing OpenAI's $880 billion on Forge Global.
- Revenue skyrocketed 233% in one quarter to a $30 billion annualized run rate, driven by Claude Code.
- IPO plans target a $400–$500 billion valuation, but secondary prices reflect scarce, illiquid minority stakes.
- Limited share supply from employees and early investors fueled a demand spike amid explosive growth.
What Happened
Anthropic's shares traded at roughly $1 trillion on secondary platforms like Forge Global, overtaking OpenAI for the first time. The milestone marks a dramatic shift in the AI power balance, with Anthropic jumping from a $380 billion valuation in February to nearly three times that just two months later. Forge CEO Kelly Rodriques confirmed the figure, while Caplight data showed interest in Anthropic shares spiked over 650% in the past year. Buyers scrambled for scarce shares, with one broker reporting that a $960 billion valuation was absorbed within hours. The AI startup's meteoric rise reflects both blowout revenue and a structural supply squeeze.
The Numbers
At the end of 2025, Anthropic's annualized revenue was roughly $9 billion. By March 2026, it hit $30 billion—a 233% quarterly jump fueled by enterprise adoption of Claude Code and API products. On Forge, OpenAI traded at $880 billion, a mere 3% above its last funding round, while Anthropic commanded a 163% premium to its Series G round. Caplight reported that Q1 saw more sellers than buyers for OpenAI, contrasting with Anthropic's lopsided demand. A growth fund offered a $1.05 trillion valuation to one early shareholder, underscoring the frenzy. Secondary prices, however, represent thin, illiquid trades—not the full company's worth.
Why It Happened
Revenue exploded as Claude Code became a developer darling, turning Anthropic into an enterprise AI powerhouse. Amazon's commitment of up to $25 billion in additional investment added momentum. The bigger driver on secondary markets is supply: employees and early backers had almost no opportunities to sell, so when demand surged, prices went vertical. Glen Anderson of Rainmaker Securities told Business Insider that valuations previously unthinkable were snapped up instantly. Meanwhile, OpenAI's secondary market saw ebbing interest, keeping its valuation flat. The perception shift—that Anthropic is now the AI frontrunner—reached a tipping point.
Broader Impact
The flip doesn't mean Anthropic is worth $1 trillion in a conventional sense. Secondary trades for private companies are often illiquid minority stakes, magnifying price moves. But the psychological effect on the AI arms race is real: the narrative has shifted from OpenAI's dominance to a two-horse race, with Anthropic pulling ahead in mindshare. The company's IPO exploration suggests it may choose to list at a more conservative $400–$500 billion, highlighting the gap between private-market fervor and public-market realism. For AI investors, the episode underscores the froth—and the potential—of the sector.
What to Watch Next
- IPO trajectory: Anthropic eyes a 2026 listing with a $400–$500 billion target. Watch for filing activity and how it bridges the secondary-to-public valuation gap.
- Revenue durability: Can the 233% growth rate hold? Monitor enterprise contract wins and Claude Code’s market share against GPT and Gemini.
- Liquidity events: As lockups expire or share sales are permitted, a flood of supply could test secondary prices. Track Forge and Caplight bid-ask spreads.
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