Anthropic's valuation has soared to $1.2 trillion on the secondary market—a 550% increase over the past year

Anthropic’s total valuation on the secondary market has soared to $1.2 trillion, as noted by Business Insider (BI). The AI company was valued similarly by participants on Caplight, a platform for secondary stock trading. The publication also notes that trades in Anthropic shares at a similar valuation are taking place at Rainmaker Securities, an investment bank specializing in private securities transactions.

Anthropic is “the most sought-after company the venture capital secondary market has ever seen,” Caplight co-founder and CEO Javier Avalos told BI. The AI company’s current valuation of $1.2 trillion reflects a 550% increase in Anthropic’s market capitalization compared to last year, he said. Back in February, the AI startup was valued at $380 billion, and by the end of May—following another funding round—that figure had reached $965 billion. At that time, Anthropic surpassed its main competitor—ChatGPT developer OpenAI—in secondary market valuation for the first time. OpenAI is currently valued at $908 billion on Caplight, notes Business Insider.

Since Anthropic’s shares are not yet available on the public market, investors are forced to turn to the secondary market to buy shares in the AI company—where these shares are sold by company employees or early investors in Anthropic. However, amid rapidly rising prices, few are willing to part with their stakes in the AI company, according to Business Insider. For example, Glen Anderson, CEO of Rainmaker Securities, says that his firm also facilitates trades in Anthropic shares based on a total company valuation of $1.2 trillion, but such trades are rare due to a shortage of sellers.

“Demand [for Anthropic shares] far exceeds supply, making it virtually impossible to execute a trade because no one is selling,” Anderson noted in an interview with BI. “If I could fill all the orders for Anthropic, I wouldn’t be talking to you right now—I’d be relaxing on the beach,” he added.

Against this backdrop, interest in OpenAI shares has been growing on the secondary market in recent weeks: this enthusiasm is largely driven by the launch of the new GPT-5.6 AI model, according to Business Insider.

Both Anthropic and OpenAI are preparing to go public this year. Anthropic filed a confidential registration statement with the U.S. Securities and Exchange Commission in early June. In May, the AI company reported that its revenue run rate was $47 billion, compared to $10 billion in actual annual revenue in 2025. Anthropic expects second-quarter revenue of $10.9 billion, according to Bloomberg.

This article was AI-translated and verified by a human editor