Anthropic’s Pre-IPO Valuation Hits $1 Trillion on Jupiter

3h ago•

bullish:

bearish:

Anthropic’s implied pre-IPO valuation crossed $1 trillion on Jupiter’s Prestocks market, making the artificial intelligence (AI) company the third private firm to reach that mark.

The onchain pricing aligns with Forge Global, a private marketplace exchange, which also places the valuation at that level.

Onchain and Secondary Markets Converge on Anthropic’s Valuation

According to a post from The Kobeissi Letter, Anthropic’s implied valuation has jumped 733% since October 2025. The AI firm joins OpenAI and SpaceX in the pre-IPO trillion-dollar club, a group whose combined implied market cap now stands at $3.7 trillion.

Forge Global, a leading private marketplace exchange, confirmed similar demand. CEO Kelly Rodriques told Business Insider that Anthropic’s valuation on the platform was around $1 trillion. By comparison, Forge pegged OpenAI at roughly $880 billion.

Hiive, another accredited secondary venue, priced Anthropic shares at $849 per share, implying an $851 billion market cap. That figure sits within 18% of Jupiter’s onchain reading.

“A Solana DEX and a regulated US secondary market for accredited investors are pricing the same private company within 18% of each other. Pre-IPO discovery used to be a quarterly tender pegged to a 409A. It is now a real-time book,” Podcast host Aakash Gupta said.

Anthropic closed its Series G round in February, valuing the firm at a $380 billion post-money. It raised $30 billion in the round led by GIC and Coatue.

“It has been less than three years since Anthropic earned its first dollar in revenue. Today, our run-rate revenue is $14 billion, with this figure growing over 10x annually in each of those past three years,” the team said.

Google also plans to invest up to $40 billion in the AI firm, starting with $10 billion at the same valuation, with the remaining $30 billion tied to performance milestones.

“Anthropic has fielded multiple offers from VCs valuing the startup behind Claude at as much as $800 billion in recent weeks, more than double its current valuation, according to multiple people familiar with the matter,” Business Insider reported.

Meanwhile, the listing race is heating up. In early April, SpaceX submitted a confidential draft Initial Public Offering (IPO) registration to the SEC, on track for a June listing.