JAKARTA – The map of competition in the artificial intelligence industry has shifted again. The AI company Anthropic reportedly broke through the $1 trillion valuation in the secondary market. This valuation, surpassing OpenAI in capitalization traded on a private platform.

This news is in the spotlight because it marks a major shift in investor perceptions of the major players in the generative AI sector.

According to reports circulating in the private market, Anthropic’s shares on platforms such as Forge Global and Hiive are traded at a level that increases the company’s valuation to 1 trillion US dollars – more than 100 billion US dollars above OpenAI in the context of the secondary market. Although it sounds spectacular, the figure is not the official valuation of the latest funding round.

It should be emphasized, the 1 trillion dollar valuation comes from the price that foreign investors are willing to pay for minority shares in the secondary market, not from the company’s primary funding. In the last official funding round in February 2026, Anthropic was valued at around 380 billion US dollars. This means that the secondary market gives a premium of almost three times just to get exposure to the company.

This phenomenon is triggered by a combination of aggressive business growth and scarcity effects. Anthropic recorded a surge in annualized revenue run rate from 9 billion US dollars at the end of 2025 to more than 30 billion US dollars in March 2026.

The growth was driven by the rapid adoption of their enterprise products, including the AI-based coding platform, Claude Code. On the other hand, Anthropic’s supply of shares in the private market is limited.

Employees and early investors tend to hold on to their holdings, creating high demand pressure with low supply. In market logic, this kind of condition is the perfect fuel for extreme price increases.

Meanwhile, OpenAI is facing a different situation. Institutional investors are said to be having difficulty finding buyers for about 600 million US dollars of OpenAI shares on the secondary market.

OpenAI’s private share price has risen in the past three months by only about 8.5 percent, far behind Anthropic’s surge of more than 200 percent in the same period. However, this euphoria still needs to be read carefully.

Secondary markets often reflect sentiment, speculation, and fear of missing out (FOMO), not fully tested fundamental values. In other words, prices in the private market can soar sharply because of the narrative, not just performance.

In comparison, OpenAI is still trading close to the official valuation of its funding round, which is around 852 billion US dollars. Meanwhile, Anthropic enjoyed a much more aggressive speculative wave.

The report also said Anthropic was working with Goldman Sachs and JPMorgan Chase to prepare for an IPO by the end of 2026.

For the public offering, the target valuation is said to be more conservative, in the range of 400 to 500 billion US dollars. This figure shows a large gap between the optimism of the secondary market and the realistic expectations for the public market.

Strategically, this shift shows that investors are now increasingly valuing a stable and scalable enterprise AI business model. Anthropic is seen as having a strong positioning in the B2B segment, with a focus on security and corporate services.

In contrast, OpenAI remains superior in global influence, mass distribution, and consumer ecosystems.

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