Anthropic overtakes OpenAI with $1T secondary market valuation after 233% revenue surge -- TFN

Anthropic now has an implied valuation of $1 trillion on secondary markets, making it the most valuable private AI company by this measure and overtaking OpenAI. On Forge Global, a major private share marketplace, Anthropic is valued at about $1 trillion, while OpenAI is at $880 billion, reports Business Insider.

The main reason for this shift is Anthropic's fast revenue growth. Its annualised revenue jumped from $9 billion at the end of 2025 to $30 billion by March 2026, a 233% increase in just one quarter, driven primarily by strong demand for its coding tools, according to Bloomberg.

Many people want to buy Anthropic shares, but there are not many available because employees and early investors have had few chances to sell. As buyers compete for the limited shares, prices go up quickly. This is why one shareholder can ask for $1.15 trillion while the average on the platform is $1 trillion.

Secondary market valuations are meaningful but not conclusive, as seen in 2021 before the correction that reduced many private company valuations by 60-70% between 2022 and 2024. The trillion-dollar figure will be truly tested when Anthropic files its S-1.

Reports indicate an IPO target of $400-$500 billion, advised by Goldman Sachs and JPMorgan, possibly in October 2026. If this target is accurate, the secondary market is anticipating an outcome about twice what the company's bankers expect at listing.