Anthropic has surged to a trillion-dollar valuation on secondary markets, overtaking OpenAI

In a stunning turn of events, Anthropic's valuation has soared to an astonishing $1 trillion on some secondary markets, igniting a frenzy among investors eager to grab shares in the AI powerhouse. This valuation marks a significant leap that would have seemed unimaginable just weeks prior. Conversely, interest in OpenAI appears to be dwindling, as the company is currently trading at a discount compared to its rival, despite previously being valued at $852 billion—over double Anthropic's latest funding round valuation. According to Kelly Rodriques, CEO of Anthropic, the company's valuation is now pegged at around $1 trillion on Forge Global, a prominent private marketplace. With both companies remaining private, investors are turning to secondary markets to acquire shares sold by current or former employees and early backers. One shareholder from Anthropic recently proposed selling shares at an extraordinary $1.15 trillion valuation, while reports surfaced of a well-known growth fund willing to purchase shares at $1.05 trillion. In a sign of the intense competition for Anthropic stakes, some buyers have even suggested unconventional trade-offs, such as selling their homes in exchange for shares valued above $800 billion. Just three months ago, Anthropic closed a funding round that valued it at $380 billion. Since then, the demand for its shares has surged, fueled by impressive revenue growth and excitement surrounding its AI-powered coding assistant, Claude code. "It’s been an epic run for Anthropic," remarked Glen Anderson, CEO of Rainmaker Securities, highlighting the company's position as a frontrunner in the AI landscape. Recently, multiple offers from venture capitalists have valued Anthropic at up to $800 billion, with Anderson himself receiving an offer at a staggering $960 billion—an amount he noted would have been unthinkable only weeks before. However, the rapid pace of transactions means that many offers are being snatched up almost instantly, leaving little room for deliberation. "We get an offer, and then within a day someone else has already bought it," Anderson noted, emphasizing the scarcity of sellers in the market. Investors who currently hold Anthropic shares report receiving a barrage of daily offers, ranging widely in terms of seriousness. Bradley Horowitz, a general partner at Wisdom Ventures, which has invested in both Anthropic and OpenAI, stated, "I barely open those emails because we're not interested. We are playing a long game." Much of the current enthusiasm for Anthropic seems driven by fear of missing out (FOMO), as investors from venture firms and family offices feel compelled to secure a stake at any price. Anderson concluded, "It’s almost less about the return than being able to say they're an Anthropic investor, which in turn drives up the price." In stark contrast, the market sentiment around OpenAI has cooled significantly, with offers falling below its last funding valuation. Anderson described the current market for OpenAI as "tepid," noting a clear shift in investor focus towards Anthropic.