Anthropic’s tokenized pre-IPO market value has surged to nearly $1.2 trillion, pushing the AI company ahead of OpenAI in some private and on-chain market estimates for the first time.
The sharp rise shows how fast investor sentiment around late-stage AI companies is changing. It also highlights the growing role of tokenized pre-IPO markets, where traders are already trying to price companies long before they officially go public.
According to recent market data, Anthropic’s implied valuation has climbed far above its last official funding round. In February 2026, the company reportedly closed a Series G round at a $380 billion post-money valuation, led by GIC and Coatue. Since then, secondary market interest has accelerated rapidly.
On platforms such as Forge Global, Anthropic shares are now said to be trading at levels that imply a valuation close to the $1 trillion mark. OpenAI, meanwhile, has been trading closer to the $852 billion to $880 billion range on some private-share platforms.
That shift has changed the conversation around the AI race. Just a few months ago, OpenAI was widely seen as the clear valuation leader. Now, Anthropic appears to be gaining momentum among investors who believe it could become one of the most valuable private technology companies in the world.
Tokenized Markets Drive Anthropic’s Valuation Higher
The biggest move has come from tokenized pre-IPO markets. On Jupiter’s Prestocks platform, tokenized Anthropic exposure has reportedly surged by more than 700% since October 2025. Recent demand pushed the implied value even higher, with some data showing Anthropic reaching around $1.2 trillion.
These tokenized instruments are designed to represent exposure to private company shares through special-purpose vehicles. That gives crypto traders a way to speculate on the value of companies that are not yet publicly listed.
For investors, this creates a real-time pricing signal. Instead of waiting for an IPO, markets can begin valuing a company around the clock. That can make prices move much faster than traditional private-share platforms.
In Anthropic’s case, the pace has been dramatic. The company’s implied value has more than tripled from its last official round in just a few months. That kind of move would be considered extreme in traditional finance, but in crypto-linked markets, it reflects how quickly narratives can build.
OpenAI Loses Its Lead, at Least for Now
The most important part of this story is not just Anthropic’s valuation. It is the fact that some markets are now pricing Anthropic above OpenAI.
OpenAI remains one of the most important companies in artificial intelligence, but investors are starting to compare both companies more closely. Anthropic’s focus on enterprise AI, API access, and safety-driven branding appears to be attracting strong market interest.
At the same time, some investors have raised questions about OpenAI’s business direction, governance structure, and long-term execution risks. These concerns do not mean OpenAI is losing its position in the AI industry, but they do show that the market is no longer treating the race as one-sided.
Anthropic’s rise suggests that investors now see the AI sector as a two-company contest at the very top. OpenAI may still have massive brand recognition and product reach, but Anthropic is becoming harder to ignore.
Why On-Chain Pre-IPO Markets Matter
Tokenized pre-IPO markets are becoming more influential because they make private company exposure easier to trade. In the past, access to late-stage private shares was mostly limited to venture funds, institutional investors, family offices, and specialized secondary-market buyers.
Now, crypto-native platforms are creating new ways for traders to gain exposure before an IPO. These markets are open for longer hours, move faster, and often react quickly to social media, news, and investor sentiment.
That speed can create opportunity, but it can also create risk. Tokenized pre-IPO prices may not always match the value a company receives in an official IPO. A tokenized market can reflect excitement, speculation, and limited supply as much as real fundamentals.
This is why the gap between Anthropic’s official $380 billion funding valuation and its implied $1.2 trillion on-chain valuation is so important. It shows how far market expectations have moved ahead of formal fundraising data.
Prediction Markets Show More Caution
Prediction markets appear to be more conservative than some tokenized trading venues. One market tracking Anthropic’s potential IPO value gives the highest probability to a closing market cap between $600 billion and $900 billion.
That is still a huge valuation, but it remains below the $1.2 trillion level implied by some on-chain trading data. This difference suggests that speculative token markets may be pricing in a more aggressive outcome than prediction-market participants expect.
In simple terms, tokenized traders appear to be betting on maximum excitement. Prediction markets, meanwhile, are leaving more room for a lower IPO valuation.
A New Era for AI Valuations
Anthropic’s rise shows how much the private AI market has changed. Major AI companies are no longer being valued only through funding rounds and private negotiations. They are increasingly being priced through secondary markets, tokenized exposure, and crypto-native speculation.
This creates a new kind of feedback loop. If tokenized markets push Anthropic higher, traditional secondary platforms may also adjust expectations. If private-share platforms move higher, tokenized traders may treat that as confirmation and push prices up again.
For now, Anthropic has become the clearest example of this trend. Its move from a $380 billion official valuation to a possible $1.2 trillion implied valuation has turned it into one of the most closely watched private companies in the world.
Whether that price holds during a future IPO is still uncertain. But one thing is clear: on-chain markets are now playing a serious role in how investors think about the biggest names in artificial intelligence.
For the moment, Anthropic has taken the lead in the private AI valuation race, and OpenAI is facing a new kind of market pressure.
