Anthropic Valuation Hits $1 Trillion on Pre-IPO Trading, Up 733% Since October

Interest in AI stocks has been building for months. But Anthropic’s latest pricing on secondary markets stands out even in that context. The firm, known for its Claude models, is now being valued at around $1 trillion in pre-IPO valuation. This is through a mix of on-chain and private share trading activity. The number has not come from an official funding round. But it makes it worth looking at how exactly the market is arriving at it.

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The move is mostly being driven by pre-IPO trading on platforms like Jupiter. This is where synthetic tokens linked to Anthropic shares are being bought and sold. These tokens, backed by SPV exposure, have climbed about 733% since October 2025. This pricing shows a $1 trillion valuation.

Amidst this, private secondary markets are also showing similar demand. Forge Global’s CEO said Anthropic shares have been trading near the $1 trillion mark. Some bids are also reaching $1.15 trillion. On those platforms, OpenAI is currently priced closer to $880 billion.

Part of the interest comes from Anthropic’s recent revenue growth. The firm’s annualized run rate is increased from around $9 billion at the end of 2025 to over $30 billion by March 2026. This jump has been tied to enterprise adoption of its Claude model family.

Large backing from major tech firms has also supported sentiment. Google is reportedly planning up to $40 billion in additional investment. Meanwhile, Amazon has committed $25 billion. It has even secured a long-term cloud agreement with Anthropic.

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IPO Expectations Remain Conservative

Despite the $1 trillion pre-IPO valuation, expectations for a public listing are lower. Goldman Sachs and JPMorgan are said to be modeling an IPO range between $400 billion and $500 billion.

Prediction market Kalshi currently places over a 60% probability on Anthropic going public this year. Currently, the valuation shows what buyers are willing to pay in limited, illiquid markets instead of an official benchmark. Even so, Anthropic has joined OpenAI as well as SpaceX as one of the few private firms being priced at the trillion-dollar level. Their combined implied value stands at around $3.7 trillion. It also shows how quickly sentiment around leading AI stocks is shifting in private markets.

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