Anthropic, a global leader in AI applications, has recently seen its implied pre-IPO valuation surpass the one-trillion-dollar mark in on-chain private market transactions. This milestone is based on formal pre-IPO trading instruments exchanged on the decentralized on-chain trading platform Jupiter, which are backed by special purpose vehicle exposures to Anthropic, providing investors with a proxy for real-time valuation. Citing the latest on-chain data, The Kobeissi Letter noted that this implied valuation has surged by 733% since October 2025. Anthropic, OpenAI, and SpaceX, founded by Elon Musk, are regarded in private trading markets as the next wave of trillion-dollar tech giants poised for public listings.
This on-chain figure does not represent Anthropic’s official valuation. It is reported that the maker of the Claude series of AI applications has received new round financing offers from multiple Wall Street institutions, which may set the valuation at approximately $800 billion or higher—more than double the $350 billion pre-money valuation attached to the $300 billion financing round in February. Data from the prediction market Kalshi shows a 68% probability that Anthropic will complete a US IPO by January 1, 2027. Anthropic’s valuation was approximately $380 billion in February this year, with recent highest offers around $800 billion; OpenAI’s latest valuation stands at approximately $852 billion. From the perspective of formal financing, Anthropic has not yet clearly surpassed OpenAI. However, in the unofficial context of private secondary markets, its implied valuation has exceeded one trillion dollars, though this largely reflects marginal pricing driven by scarce equity and the AI investment boom.
Founded in 2021 by former core employees of OpenAI, Anthropic positions itself as a safety and research company dedicated to building reliable, interpretable, and controllable AI systems. Its AI agent products, such as Claude Cowork, saw concentrated breakthroughs in 2026, essentially marking the first convergence of multiple curves including model capabilities, tool protocols, and inference costs. Research by MarketsandMarkets shows that the AI agent market could reach $53 billion by 2030. In February of this year, a single Claude legal plugin from Anthropic triggered the evaporation of approximately $830 billion in market value from global software and service stocks within six trading days. Analysts at UBS have pointed out that OpenAI and Anthropic are transforming from large model giants into “enterprise IT budget eaters,” capable of capturing larger shares of enterprise client spending. Google (GOOG) recently plans to invest up to approximately $40 billion in Anthropic, while Amazon (AMZN) is also increasing its investment. According to an official statement from Anthropic, its annualized revenue run rate has risen from $90 billion at the end of 2025 to $300 billion as of April 2026.
