Anthropic has reportedly reached a $1.2 trillion valuation on secondary markets as investor demand for shares in the private AI company continues to surge.
According to Business Insider, shares of Anthropic are trading at that level on secondary platforms, though actual transactions remain limited because sellers are scarce. The report said demand has become so intense that buyers are having difficulty gaining access to shares even at the elevated valuation.
Anthropic’s reported secondary-market valuation represents a sharp increase from prior levels. Business Insider reported that the company was valued at $1 trillion less than three months ago and was last valued at $965 billion in a Series H funding round announced in May.
The company’s secondary-market valuation has also reportedly overtaken OpenAI’s. Business Insider cited Caplight data showing OpenAI at a $908 billion valuation on the platform, although OpenAI interest has recently increased following the rollout of its GPT-5.6 model series.
Because Anthropic and OpenAI remain private companies, many investors seeking exposure must do so through secondary markets. These markets allow employees and early investors to sell existing shares, often through special-purpose vehicles or other indirect structures.
However, Anthropic has been warning investors about unauthorized secondary transactions. The company has cautioned on its website that investors should assume any offer to participate in Anthropic shares, even indirectly, may be invalid.
Despite those warnings, investors continue to pursue access to the company. Business Insider reported that some secondary-market structures have involved high fees and complex ownership arrangements, creating additional risk for buyers.
The surge in demand reflects broader investor enthusiasm around AI infrastructure, model companies, and enterprise AI adoption. Anthropic’s valuation growth is being driven by expectations that leading AI companies could become some of the largest technology platforms of the next decade.
The report also noted that OpenAI has seen renewed momentum in secondary markets. While Anthropic still reportedly commands more buyer interest, investor demand for OpenAI shares has increased after its recent model launch.
Some venture investors remain cautious about reading too much into secondary-market pricing. Secondary valuations can be volatile and may not reflect the same information, liquidity, or governance protections as primary funding rounds or public market trading.
Still, Anthropic’s reported $1.2 trillion secondary-market valuation underscores how aggressively investors are bidding for exposure to top AI companies ahead of potential IPOs. Business Insider reported that Anthropic has filed paperwork to go public, with an expected IPO in the coming months.
