Secondary-market trades push Anthropic's implied valuation toward $1 trillion

Anthropic’s implied valuation has climbed to about $1 trillion in secondary trading, according to Forge Global chief executive Kelly Rodriques. (africa.businessinsider.com) That price is coming from private-share marketplaces, where existing employees and early investors sell stock, not from a new primary fundraise. Rodriques told Business Insider Anthropic was trading around $1 trillion on Forge Global, while OpenAI was around $880 billion on the same platform. (africa.businessinsider.com) Anthropic’s last primary round looked very different. On February 24, the company said it raised $30 billion in a Series G at a $380 billion post-money valuation. (anthropic.com) The company’s own numbers help explain the scramble for shares. Anthropic said April 20 that its revenue run rate had surpassed $30 billion, up from about $9 billion at the end of 2025. (anthropic.com 1) (anthropic.com 2) Anthropic tied that growth to demand for Claude from enterprise customers, developers, and consumers, and said more than 1,000 business customers were each spending over $1 million on an annualized basis. (anthropic.com) Amazon deepened the picture on April 24. The company said it would invest $5 billion immediately and up to $20 billion more in Anthropic, on top of the $8 billion it had already invested since 2023. (aboutamazon.com 1) (aboutamazon.com 2) In return, Anthropic said it would commit more than $100 billion over 10 years to Amazon Web Services technologies and secure up to 5 gigawatts of capacity to train and run Claude. The company said significant Trainium2 capacity would come online in the second quarter, with scaled Trainium3 capacity expected later in 2026. (anthropic.com) (aboutamazon.com) Secondary prices can move faster than negotiated fundraising rounds because they are set by a smaller pool of buyers and sellers. That can produce eye-catching implied valuations without the full price discovery of a large primary financing. (africa.businessinsider.com) (anthropic.com) For now, the market is putting a premium on access. Anthropic has a $380 billion primary-round benchmark from February, a $30 billion revenue run rate from April, and a secondary price that has run far ahead of both. (anthropic.com 1) (anthropic.com 2) (africa.businessinsider.com)