Synopsis
Investor frenzy is propelling AI firm Anthropic's valuation towards a staggering $1 trillion in secondary markets, surpassing rival OpenAI. Despite OpenAI's higher primary valuation, Anthropic's shares are in high demand, fueled by rapid revenue growth and a perceived competitive edge. This surge, however, appears driven by FOMO as much as fundamentals.Listen to this article in summarized format
That places it ahead of rival OpenAI, which is trading at around $880 billion on the same platform, a modest increase from its March funding round. The report adds that existing Anthropic shareholders are being hounded with multiple offers each day to sell their stakes.
At the same time, demand for rival OpenAI’s shares appears to be softening. The report, citing traders, said that the stock is now trading at a discount to Anthropic, despite OpenAI’s last primary valuation standing at $852 billion. This is more than double Anthropic’s most recent funding valuation of $380 billion.
Since neither company is publicly listed, most investors can only access shares via secondary markets, where early investors and employees offload holdings.
Demand drives extreme pricing
The intensity of interest has led to increasingly aggressive pricing expectations.
The report cited the instance of one Anthropic shareholder, who recently sought to sell stock at a $1.15 trillion valuation, according to Saints Capital cofounder Ken Sawyer. Meanwhile, Jesse Leimgruber, founder of OpenHome, said on X that a well-known growth fund had offered to buy shares at a $1.05 trillion valuation.
In more extreme cases, prospective buyers went so far as to consider selling personal assets, including homes, to secure Anthropic shares at valuations exceeding $800 billion.
What’s fuelling the surge
The pace of this rise has been incredible to watch. Just three months ago, Anthropic closed a funding round led by GIC and Coatue at a $380 billion valuation. Since then, investor enthusiasm has accelerated, driven by strong revenue growth and momentum, especially around its AI-powered coding assistant, Claude Code.
The value surge started with what is speculated to be Anthropic’s Super Bowl campaign mocking ads in ChatGPT, though the Sam Altman-led company was not directly mentioned. Then came the fallout with regulatory debates involving the US Department of War, which did little to slow momentum. In fact, Claude’s usage and rankings surged, indicating strong user approval of the company’s stance.
According to Bloomberg, the company’s revenue run rate crossed $19 billion in March, up from $9 billion at the end of 2025.
FOMO outweighs fundamentals
Despite the impressive growth metrics, not all of the demand is grounded in market fundamentals, said the report.
Much of the demand is driven by the fear of missing out, with investors at venture firms and family offices feeling compelled to own Anthropic shares regardless of price, the publication said, citing Glen Anderson, CEO of Rainmaker Securities.
