Anthropic surpassed OpenAI— the company’s market capitalization reached $1 trillion in just three months.

Short summary

- Anthropic’s valuation in the over-the-counter market has risen to $1 trillion, surpassing the $380 billion it had in March and even a higher valuation of OpenAI – $880 billion.

- However, the share offering is limited: one investor listed a package at $1.15 trillion, and a large fund is ready to buy it for $1.05 trillion. Deals usually close within 24 hours.

- The entire OTC market for private company shares remains “dense” – most participants are employees and early investors.

1. Current valuation and comparison with OpenAI
Forge Global CEO Kelly Rodriguez confirmed that today Anthropic’s value exceeds $1 trillion, while OpenAI is valued at about $880 billion – slightly above the March round level. Since both companies have not gone public yet, investors are forced to buy shares through the OTC market from employees and early participants.

2. How demand is formed
An offer from shareholder co‑founder of Saints Capital Ken Soyer said that one of Anthropic’s owners listed a package of shares at $1.15 trillion.

Response from large funds
Jesse Leimgruber (OpenHome) announced on X that a large investment fund is ready to buy the same securities for $1.05 trillion. Some buyers even offer their own real estate instead of cash.

3. Why interest has risen
- In March Anthropic closed a round at a valuation of $380 billion led by GIC and Coatue.

- Since then, revenue growth and the popularity of Claude Code among developers have attracted venture funds, which several times offered to buy shares at $800 million.

Glenn Anderson (Rainmaker Securities) describes the situation as a “grand race”:
> “Everyone wants to be part of AI history, and Anthropic is currently in the lead.”

He received an offer for a share package worth $960 billion but expects another buyer to agree sooner. According to him:
> “We get an offer – and by the next day someone snatches it up. There are almost no sellers.”

4. Why the price rises
Anderson notes that demand is largely driven by fear of missing out, not fundamental company metrics.

> “Investors from venture and family funds are willing to pay any price to become Anthropic shareholders. That drives the price.”

He also noted a decline in interest for OpenAI shares: applications this year are below the last round level ($852 billion).
> “The OpenAI market is completely sluggish. Sentiment is clearly tilted toward Anthropic.”

5. How early investors react
Bradley Gervais (Wisdom Ventures), who invested in both Anthropic and OpenAI, said he receives daily offers to sell shares but ignores them.

> “Offers come every day – from laughable to quite serious. We barely open such letters: it doesn’t interest us. We play the long game.”

Conclusion
Anthropic is currently valued higher than all competitors in the OTC market for private companies, but share offerings are limited and quickly “snatched up” by buyers. Interest in the company grows due to rapid revenue growth and product popularity, yet price dynamics are largely driven by a psychological factor – fear of missing the chance to invest in a leading AI company. OpenAI remains less attractive in the OTC share market.