Anthropic Secondary Market Valuation Reaches $1.2 Trillion, Overtaking OpenAI

TLDR

• Anthropic’s secondary market valuation has reached $1.2 trillion, a 550% year-over-year increase
• Demand far exceeds supply, with very few existing shareholders willing to sell
• Most trades are happening through SPVs, which Anthropic itself opposes
• OpenAI is now valued lower at $908 billion on secondary markets
• Anthropic filed a confidential IPO prospectus with the SEC in early June 2026

Anthropic, the AI company behind the Claude chatbot, has reached a $1.2 trillion valuation on secondary markets. That makes it the most valuable private AI startup in the world, ahead of rival OpenAI.

The $1.2 trillion figure represents a 550% increase from a year ago, according to Javier Avalos, cofounder and CEO of Caplight, a private secondary trading platform.

Avalos described Anthropic as “the most sought-after company the venture secondary market has ever seen.”

Shortage of Sellers Keeps Deals Rare

Despite the high demand, completed transactions are uncommon. Glen Anderson, CEO of Rainmaker Securities, confirmed trades are happening at the $1.2 trillion level, but said actual closings are rare.

Because neither Anthropic nor OpenAI is publicly listed, investors must buy shares through secondary markets. That means purchasing stakes from employees or early investors who are willing to sell — and most are not.

Some prospective buyers have gone to unusual lengths to get in, including offering to exchange their homes for Anthropic shares.

SPVs Drive Most Trades Despite Company Opposition

Most of the deals that do get done use special purpose vehicles, or SPVs. These pool capital from multiple buyers into a single transaction.

Anthropic has publicly pushed back against this practice. On its website, the company states: “Invest at your own risk: if someone offers you a way to participate, even on an indirect basis, in an investment in Anthropic, assume that it is invalid.”

Avalos also noted that many SPV transactions come with high fees for buyers.

Anthropic’s last official fundraising round, a Series H completed in late May 2026, valued the company at $965 billion. The secondary market price of $1.2 trillion now sits well above that figure.

OpenAI, which had held a higher valuation than Anthropic for years, is currently trading at $908 billion on Caplight.

The gap between the two companies is also visible in their most recent funding rounds. OpenAI reached an $852 billion valuation after its March 2026 round, compared to Anthropic’s $965 billion Series H.

Investor interest in OpenAI had been relatively quiet until recently. The release of its GPT-5.6 model series, including flagship model “Sol” and budget model “Terra,” has brought renewed buyer activity, according to Anderson.

On the ratio of interest between the two firms, Avalos estimated roughly five prospective Anthropic buyers for every two looking at OpenAI.

Anthropic filed a confidential IPO prospectus with the Securities and Exchange Commission in early June 2026. The company has said the timing of any public listing will depend on market conditions.

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