In a surprising turn of events, Anthropic has managed to surpass OpenAI in market capitalization on secondary trading platforms at an unexpected pace. According to a report by Business Insider, Anthropic’s shares are being purchased at prices that have catapulted the company’s valuation to an astounding $1 trillion, exceeding OpenAI’s valuation by over $100 billion.
This unprecedented situation can be attributed to a significant increase in demand for artificial intelligence among investors. Institutional investors are facing challenges in finding buyers for $600 million worth of OpenAI shares, while the market for Anthropic is experiencing a competitive bidding environment. Private stock exchanges like Hiive have reported a 211% increase in Anthropic’s share price within just three months, whereas OpenAI’s share price has only risen by 8.5% during the same period.
Anthropic’s remarkable success can be credited to a combination of momentum and revenue growth. By the end of 2025, Anthropic’s annualized run rate was $9 billion, but by March 2026, this figure had surged to over $30 billion, driven by the widespread adoption of “Claude Code” and enterprise services.
The scarcity of Anthropic’s shares also plays a significant role in driving up their value. Unlike OpenAI, where insiders are looking to sell their shares, Anthropic’s employees and early investors are holding onto their stakes. This scarcity, coupled with high demand, has led to a rapid increase in prices. Investors are eager to invest in Anthropic, with reports of someone offering to exchange their 14-acre estates for a share of the company, illustrating the level of FOMO surrounding Anthropic’s success.
It is crucial to differentiate between the actual valuation of a company and the sentiment in secondary markets. While Anthropic’s last official funding round in February 2026 valued the company at $380 billion, the $1 trillion valuation on secondary markets reflects the premium that outside buyers are willing to pay for minority stakes on platforms like Forge Global.
While OpenAI is trading close to its $852 billion funding round valuation, Anthropic is benefiting from a speculative wave. There are reports suggesting that Anthropic is in talks with Goldman Sachs and JPMorgan for a potential IPO by late 2026, aiming for a more conservative public valuation in the range of $400 billion to $500 billion.
In conclusion, Anthropic’s rapid rise in market capitalization has reshaped the landscape of the AI industry, showcasing the company’s potential for growth and innovation. Investors are eagerly watching as Anthropic continues to make waves in the market, setting the stage for a potential IPO in the near future.