Private AI valuations are reaching unprecedented heights. According to secondary-market data and on-chain trading activity, OpenAI, SpaceX, and Anthropic are now collectively valued at approximately $3.7 trillion. The figures highlight surging investor demand for private exposure to leading artificial intelligence and technology firms, even as official valuations remain unconfirmed.
Data from pre-IPO trading platforms shows that Anthropic, the creator of the Claude AI model, has seen its implied valuation climb from around $120 billion in October 2025 to nearly $1 trillion—a staggering increase of about 733%. This valuation is derived from secondary-market instruments and special purpose vehicles (SPVs), not from an official primary funding round or a public filing. Similarly, OpenAI is cited at roughly $880 billion, while SpaceX is linked to a target near $1.7 trillion.
Despite these lofty figures, skepticism remains. Market participants note that private shares often trade at a premium due to limited supply and fewer market participants. A cautious view was summed up in a statement cited by traders: 'There’s no verified financial filing or official disclosure confirming a $1T valuation for Anthropic.'
The path to an IPO remains uncertain. While reports have linked investment banks like Goldman Sachs and JPMorgan to a potential Anthropic IPO, guidance suggests a target valuation range of $400 billion to $500 billion—far below the reported $1 trillion secondary-market price. This gap underscores how scarce private shares can command higher prices, but public investors may not see the same levels.
Meanwhile, OpenAI faces internal challenges. Despite its $852 billion valuation and preparations for a potential IPO, the company has missed internal targets for user growth and revenue. A Wall Street Journal report indicates that OpenAI fell short of its goal to reach 1 billion weekly active users by the end of 2025 and missed multiple monthly revenue targets earlier this year, partly due to losing ground to competitor Anthropic in coding and enterprise markets. ChatGPT's share of generative AI web traffic dropped from 86.7% to 64.5% in January 2026, while Google's Gemini rose from 5.7% to 21.5%.
Financially, OpenAI's massive spending on computing power is raising concerns. CFO Sarah Friar reportedly expressed worries about the company's ability to pay for future computing contracts if revenue does not accelerate. OpenAI's response was forceful, with CEO Sam Altman and Friar stating: 'This is ridiculous. We are totally aligned on buying as much compute as we can.' However, analysts project significant negative cash flow. Deutsche Bank estimated OpenAI could post $143 billion in negative cumulative free cash flow between 2024 and 2029, based on projected revenue of $345 billion against spending of $488 billion. HSBC suggested that OpenAI may need an additional $207 billion in financing by 2030.
