Anthropic’s $170B Raise Could Set Off a Market Scramble to $200bn —Just Like OpenAI and CoreWeave Before It

Anthropic is preparing to close a new funding round at a $170 billion valuation, a figure that would cement it as the second-most valuable private AI company behind OpenAI. But as significant as that milestone is, history suggests the real valuation story unfolds immediately after—in the secondary market.

If recent parallels from OpenAI and CoreWeave are any guide, Anthropic’s post-round pricing may rise sharply as investors who missed primary allocations rush to gain exposure. And that could push the true implied valuation well beyond $170B, at least in the near term.

What We’ve Seen Before

OpenAI

In March 2025, OpenAI raised at a ~$300B valuation via a staff-led secondary offering. Just months later, secondary bids surged toward $500B—a 67% jump—as institutional buyers aggressively sought access to the market leader. Much of the surge came from parties locked out of formal allocation channels, including sovereign wealth funds and crossover hedge funds.

CoreWeave

Pre-IPO secondaries priced CoreWeave near $23B. At IPO (March 2025), it listed at $27B, with public markets immediately absorbing the difference. The modest but clear +17% valuation uplift shows even infrastructure players benefit from liquidity timing.

Anthropic: Next in Line

Now Anthropic is on the verge of closing its own step-change round, jumping from its last $61.5B valuation to a proposed $170B. That’s nearly a 3x markup, and the market’s response is expected to be just as aggressive—if not more.

Why?

• Unfilled demand from Series E: Last time, secondary prices rose up to 25% above issue price within days.
• Clear market position: Unlike OpenAI, Anthropic offers enterprise buyers and investors a more neutral, governance-stable option.
• Strategic scarcity: With so few scaled AI platforms left in private hands, Anthropic is likely to be heavily oversubscribed again.

What We Expect

• Secondary pricing could land closer to $185–200B in the immediate aftermath
• Existing shareholders (Series C–E) could see liquidity offers well above their entry
• New allocators may prioritize speed over price to secure a seat

Comparative Summary

Conclusion

Anthropic’s $170B valuation won’t be the final word. In this market, oversubscribed rounds don’t end the conversation—they just shift it to secondary desks. And with investors already watching OpenAI soar to half a trillion and CoreWeave delivering a clean IPO premium, Anthropic could emerge as the next must-own AI name—at any price.

The question isn’t whether it hits $170B. It’s how fast it clears $200B once the ink is dry.