Anthropic is rapidly approaching a historic $1 trillion valuation due to secondary market demand and blockbuster revenue growth. The artificial intelligence startup behind the popular Claude chatbot has sort of reshaped the economics of the AI market.
According to reports from Business Insider and other financial outlets in April 2026, the company has recently seen a surge in interest that is threatening to eclipse its main rival in the AI space – OpenAI.
While Anthropic was officially valued at $380 billion following a $30 billion Series G funding round in February 2026 – led by heavyweights like GIC and Coatue, the private markets are moving much faster. Data from the secondary trading platform Caplight indicates that Anthropic’s valuation has climbed to approximately $688 billion in recent weeks, representing a staggering 75% increase in just three months.
The report says that the non-binding offers from venture capital firms are even more aggressive. Anthropic has rejected several overtures to invest at valuations as high as $800 billion. At this rate, analysts believe the company is on a clear trajectory to become the first “pure-play” AI startup to hit a $1 trillion valuation.
Valuation spike driven by Claude Mythos
The spike in valuation follows the unveiling of Claude Mythos, a new model developed under “Project Glasswing.” Anthropic describes Mythos as its most capable model yet, specifically optimised for:
Autonomous agentic tasks: The ability to execute multi-step workflows without human intervention.
Advanced coding: Capabilities that have reportedly led to a massive shift in how enterprises develop software.
Cybersecurity: The model is so capable that Anthropic has restricted its public release, citing the need to strengthen the infrastructure.
Anthropic’s explosive revenue growth
Anthropic’s annualised run-rate revenue has exploded from $9 billion at the end of 2025 to $30 billion as of early April 2026.
This growth is largely attributed to Claude Code and a growing roster of over 1,000 enterprise customers who each spend more than $1 million annually. This revenue surge has placed Anthropic in a “neck-and-neck” race with OpenAI, which was valued at $852 billion following its own massive funding round in March.
The sudden heat in the secondary market is being viewed as a “price discovery” phase ahead of a potential public debut. Anthropic is reportedly in preliminary discussions with Goldman Sachs, JPMorgan, and Morgan Stanley for an initial public offering (IPO) as early as October 2026.
The IPO could potentially raise more than $60 billion, making it one of the largest tech listings in history. However, for now, the company has resisted new private funding, preferring to maintain its current cap table as it prepares for the transition to public markets.