Simply put
- Anthropic’s stock trades at $1 trillion on secondary platforms like Forge Global, outpacing OpenAI, which trades at $880 billion in the same venue.
- The company’s annual revenue soared from $9 billion in late 2025 to $30 billion by March 2026. This was an increase of 233% in one quarter, primarily due to the adoption of Claude Code.
- Just three months ago, Anthropic was valued at $380 billion. Currently, the price on the secondary market is more than 2.6 times that amount.
Among secondary stock trading platforms, Anthropic has quietly tipped the AI charts, trading at around $1 trillion and overtaking OpenAI for the first time.
On Forge Global, one of the major private equity markets, Anthropic is hovering around the $1 trillion mark, Forge CEO Kelly Rodriques confirmed the numbers to Business Insider. OpenAI, on the other hand, trades on the same platform for around $880 billion.
A very well-known growth fund offered me a $1.05 trillion valuation for my Humanity stock.
Absolutely wild pic.twitter.com/7LBclQZLQT
— Jesse Reimgruber (@JesseRank) April 21, 2026
It’s not a small gap. And it didn’t exist three months ago.
In February 2026, Anthropic closed a $30 billion Series G round led by GIC and Coatue at a post-money valuation of $380 billion. Currently, the company’s price on the secondary market is nearly three times that figure. This rate of price increase is abnormal even by AI’s inflated standards.
Anthropic’s annual run rate remained at approximately $9 billion at the end of 2026, according to Anthropic’s own report. By March 2026, that amount had jumped to $30 billion. This was a 233% increase in the quarter, primarily driven by enterprise adoption of Claude Code and the company’s API products. Amazon’s recent pledge to invest up to $25 billion in additional investment didn’t dampen the mood either.
This combination of good trading (and good PR) has led to increased interest in Anthropic stocks. Caplight, which tracks private market share activity, reported that interest in Anthropic has surged more than 650% in the past 12 months.
In addition to profits, the supply side also does the heavy lifting that drives these valuations. Human employees and early investors had little chance of selling. When there is a rush of buyers and almost no sellers, prices can fluctuate rapidly. Glen Anderson of Rainmaker Securities told Business Insider that a $960 billion valuation that was “unthinkable” a month ago is being snapped up by competing buyers within hours.
OpenAI’s picture looks different. On Forge Global, OpenAI is trading at $880 billion, just 3% above the $852 billion valuation it received in its early 2026 funding round. Caplight found that Sam Altman’s company reported more people interested in selling than buying on the secondary market in the first quarter.
This does not mean that Anthropic is worth $1 trillion in a primary market sense. Secondary trading is an illiquid, minority position with no board rights and no path to forced liquidity. The $1 trillion figure reflects what buyers will pay for a small amount of stock, not how much Anthropic will be able to raise in a full funding round, and not necessarily what the IPO price will be.
According to reports, Anthropic is considering listing as early as the second half of 2026, with advice from Goldman Sachs and JPMorgan, and is targeting an IPO valuation in the range of $400 billion to $500 billion. Preparations for the IPO have been underway since at least the second half of 2025.
