Anthropic valuation soars to trillion dollars, surpassing OpenAI

Eager buyers are scrambling to get their hands on the limited secondary shares of Anthropic, pushing the AI firm's valuation on certain platforms to $1 trillion, a figure unimaginable just weeks prior.

Meanwhile, traders consulted by Business Insider report waning interest in OpenAI, which is now seen trading at a lesser value compared to Anthropic, despite OpenAI being valued at $852 billion, which is over twice Anthropic's most recent funding valuation.

Currently, Anthropic's valuation is approximately $1 trillion on Forge Global, a top private marketplace, as stated by CEO Kelly Rodriques to Business Insider. 

OpenAI is valued at $880 billion on the platform, a slight increase since its March funding initiative.

Given that Anthropic and OpenAI have yet to go public, most investors must resort to secondary markets, buying shares from current or former employees or initial investors.

As per Ken Sawyer, co-founder and managing partner at Saints Capital, a venture secondary firm, one Anthropic shareholder recently sought to sell shares at a valuation of $1.15 trillion.

A "highly recognised growth fund" proposed to acquire Anthropic shares at a valuation of $1.05 trillion, Jesse Leimgruber, founder of OpenHome, shared on X this week.

Some potential buyers have come up with innovative offers, proposing to sell their real estate in exchange for Anthropic shares at a valuation exceeding $800 billion.

Only three months ago, Anthropic completed a funding round spearheaded by GIC and Coatue, positioning the company at a $380 billion valuation.

Since then, a fervent interest has surged in Silicon Valley for Anthropic shares, driven by enthusiasm over its rapid revenue growth and the success of its AI-driven coding tool, Claude code.

"Anthropic’s been on a remarkable journey," commented Glen Anderson, CEO of Rainmaker Securities, a bank dealing with private securities. "Everyone's eager to be part of this significant breakthrough in AI, and Anthropic is currently leading the charge."

The company has entertained several offers from investors valuing it as high as $800 billion in recent weeks.

Anderson received an offer to grab shares in Anthropic at a $960 billion valuation, a figure he finds hard to believe. However, before having the chance to assess the offer, it gets taken by someone else.

"We receive an offer, and usually within a day, it's already been claimed," he mentioned. "There seem to be almost no sellers."

Those lucky to have Anthropic shares mention receiving several offers daily to part with them.

"We get countless offers ranging from absurd to fascinating," remarked Bradley Horowitz, a general partner at Wisdom Ventures, an early supporter of both Anthropic and OpenAI. "I barely glance at those emails because we're in for the long term."

The driving force behind much of the interest is the fear of missing out (FOMO) more than market logic, with investors at venture firms and family offices feeling compelled to own Anthropic shares regardless of the cost, according to Anderson.

"It's almost less about the financial returns and more about being able to claim they own a piece of Anthropic," he stated. "That’s what boosts the price."

At the same time, Anderson observed little enthusiasm for OpenAI shares this year, with bid offers falling below its last round at $852 billion.

"OpenAI has observed quite a lackluster market," he said. "The mood has notably shifted toward Anthropic."