Anthropic shares on the secondary market are trading at a valuation of $1 trillion, surpassing even OpenAI. The scarcity of supply is driving the buying frenzy to its peak.
Just three months ago, Anthropic was valued at $380 billion after a funding round led by GIC and Coatue. To date, that figure has nearly tripled in the secondary market.
According to Kelly Rodriques, CEO of private market exchange Forge Global, Anthropic's value is currently around $1 trillion on the platform. OpenAI is valued at $880 billion , a slight increase from its funding round in March.
It's worth noting that OpenAI was valued at $852 billion in its most recent funding rounds, more than double that of Anthropic. But on the secondary market, that order has been reversed.
"This has been an extraordinary journey for Anthropic. Everyone wants to be a part of this groundbreaking opportunity in the field of AI. Anthropic is currently in a leading position," said Glen Anderson, CEO of Rainmaker Securities.
Because Anthropic and OpenAI are not publicly listed, investors wishing to own shares in the companies are forced to enter the secondary market, where current and former employees or original investors resell their shares. However, supply is dwindling while demand is soaring.
Anderson said he had just received an offer to buy a stake in Anthropic at a valuation of $960 billion . Before he could assess the deal, it was bought by someone else. "We received the offer, and within a day, someone else had bought it. There were virtually no sellers," he said.
Ken Sawyer, co-founder of Saints Capital, revealed that a shareholder of Anthropic recently offered to sell at a valuation of up to $1.15 trillion . Jesse Leimgruber, founder of OpenHome, posted on X that a "very well-known growth fund" offered $1.05 trillion to buy Anthropic shares. Some potential buyers even offered to sell their homes in exchange for Anthropic shares at valuations exceeding $800 billion .
Anderson frankly admits that much of the current demand doesn't stem from fundamental analysis but from a fear of missing out. The real driving force behind this craze comes from the strong revenue growth and momentum of Claude Code, Anthropic's AI programming assistant that's attracting significant attention in Silicon Valley.
Meanwhile, OpenAI's stock on the secondary market is performing poorly. Current bid prices are lower than the $852 billion funding round.