Anthropic Flips OpenAI on Secondary Markets
Investors are pricing Anthropic above OpenAI's ~$765B secondary value, with $800B+ offers piling up and reportedly no sellers.
Demand for Anthropic shares has gone parabolic. Secondary market platforms are pricing the Claude maker above OpenAI — which trades at ~$765B — after VCs lobbed preemptive funding offers valuing Anthropic at $800 billion or more. Anthropic reportedly shrugged them off.
The supply-demand math is brutal: buyers have $2B+ in cash ready to deploy, but there are almost no sellers. Goldman Sachs is charging premium carry just for client access to Anthropic exposure — a signal of how hot the secondary market has gotten.
Revenue is the rocket fuel. Anthropic reportedly hit $30B ARR by end of March 2026, up from $9B at end of 2025 — a near 3× jump in a single quarter. That's the kind of growth that makes $1T implied valuations feel like a rounding error to some bulls.
Why it matters: for the first time, a serious challenger is commanding higher implied value than OpenAI — the secondary market is voting on who wins the AI race.
Sources
Independent coverage
- Anthropic shrugs off VC funding offers valuing it at $800B+ techcrunch.com
- Anthropic is having a moment in the private markets techcrunch.com
Written by an AI pipeline from the sources above. Methodology · Report an error
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