April 24, 2026 Shares in Anthropic are commanding premium valuations on private secondary markets, with investor demand pushing estimates close to $1 trillion. The surge contrasts with softer demand for OpenAI stock, which is trading below its most recent funding valuation despite its larger scale.
Because neither company is publicly listed, most investors access shares through secondary marketplaces such as Forge Global, where existing shareholders sell stakes. Forge CEO Kelly Rodriques told Business Insider that Anthropic is now hovering around a $1 trillion valuation on the platform, while OpenAI is trading at roughly $880 billion.
The divergence reflects a sharp shift in investor sentiment over the past few months. Anthropic was valued at $380 billion as recently as three months ago following a funding round led by GIC and Coatue. Since then, demand has accelerated rapidly, driven by strong revenue growth and momentum around its AI coding tools.
“It’s been an epic run for Anthropic,” said Glen Anderson, CEO of Rainmaker Securities. “Everybody wants to be part of a generational opportunity in AI, and right now, Anthropic is in the pole position.”
Secondary market activity suggests valuations are continuing to climb. Offers to buy shares have ranged from $800 billion to more than $1 trillion, with one shareholder reportedly seeking to sell at a $1.15 trillion valuation. Anderson revealed he recently received an offer valuing Anthropic at $960 billion, adding that transactions are often completed quickly due to limited supply. “We get an offer, and then within a day someone else has already bought it. There are almost no sellers,” he said.
The intensity of demand has led to unconventional bids. Some buyers have proposed asset swaps, including offers to exchange real estate for equity stakes, highlighting the scarcity of available shares. Early investors are largely holding positions, with Wisdom Ventures partner Bradley Horowitz noting, “We receive daily offers from the ridiculous to the sublime,” but adding the firm is “playing a long game.”
In contrast, demand for OpenAI shares appears to have softened. Despite being valued at $852 billion in its most recent funding round, traders report that bids on secondary markets are coming in below that level. “OpenAI has been a very tepid market,” Anderson said, noting that investor attention has shifted toward Anthropic.
Market participants attribute much of Anthropic’s momentum to investor behaviour rather than purely fundamentals. According to Anderson, demand is being driven in part by fear of missing out, with venture firms and family offices seeking exposure regardless of price.
“It’s almost less about the return than being about to say they’re an Anthropic investor,” he stated.
