Title: Anthropic Surpasses OpenAI with $1 Trillion Valuation in Secondary Markets – AI Power Shift Explained

Anthropic has overtaken OpenAI in market capitalization on secondary trading platforms, with its valuation surging to $1 trillion according to Business Insider. This surpasses OpenAI’s valuation by more than $100 billion, marking a significant shift in the AI industry’s private market dynamics.

The surge is driven by intense investor demand for Anthropic shares, contrasting sharply with OpenAI’s struggling secondary market. Institutional investors have been unable to find buyers for $600 million worth of OpenAI shares as of the end of March, while Anthropic’s share price has risen 211% over three months on platforms like Hiive, compared to OpenAI’s 8.5% increase in the same period.

Anthropic’s revenue growth has been a key factor, with its annualized run rate increasing from $9 billion at the end of 2025 to over $30 billion by March 2026. This growth is attributed to the widespread adoption of its Claude Code and enterprise services, which have gained traction among businesses seeking AI-powered coding and operational tools.

The scarcity of available shares is amplifying the valuation spike. Unlike OpenAI, where more insiders are looking to sell, Anthropic employees and early investors are holding onto their stakes. This limited supply, combined with high demand, has led to extreme price movements, including reports of investors offering non-traditional assets like real estate in exchange for shares—a phenomenon described by Glen Anderson, CEO of Rainmaker Securities, as a “generational opportunity.”

Reality Check: Primary vs. Secondary Markets

We see important to distinguish between Anthropic’s official valuation and secondary market sentiment. The company’s last funding round in February 2026 valued it at $380 billion post-money. The $1 trillion figure reflects what outside buyers are willing to pay for minority stakes on secondary platforms like Forge Global, representing a premium of nearly three times its last official valuation.

In contrast, OpenAI is trading close to its $852 billion funding round valuation in secondary markets. Reports indicate that Anthropic is working with Goldman Sachs and JPMorgan on a potential initial public offering as early as late 2026, targeting a more conservative public valuation in the $400 billion to $500 billion range.