Anthropic Surges to $1 Trillion on Secondary Markets While OpenAI Trades Below Its Official Valuation

Buyers are piling into shares of Anthropic while stock in OpenAI struggles to attract the same demand, flipping the AI valuation race on secondary markets

Apr 23, 2026

by Damilare Odedina

Anthropic is trading at around $1 trillion on Forge Global, where investors buy and sell shares in private companies, according to its CEO Kelly Rodriques, who confirmed the activity to Business Insider on April 23. OpenAI shares, by contrast, are trading at about $880 billion on the same platform.

The divergence is striking. Anthropic last raised funding at a $380 billion valuation in February and is now trading at roughly 2.6 times that level. OpenAI, which closed a round at $852 billion in March, is already trading below its most recent valuation.

Secondary markets allow investors to trade shares in private companies ahead of an IPO. Prices here reflect what buyers are willing to pay in real time, rather than valuations negotiated privately with a small group of venture capital firms. As a result, they are often seen as a more immediate gauge of market sentiment.

That sentiment currently favours Anthropic. One shareholder has offered stock at a $1.15 trillion valuation, according to Ken Sawyer of Saints Capital, while a major growth fund has bid $1.05 trillion, according to Jesse Leimgruber, founder of OpenHome, in a post on X.