Global AI New King Emerges: Anthropic’s $1.2 Trillion Valuation Tops OpenAI

Anthropic, once seen as the second‑largest AI contender, has seen its on‑chain pre‑IPO valuation explode to $1.2 trillion (≈ ¥8.7 trillion), overtaking OpenAI by roughly 20% after a 20% price jump in just seven days.

Data from the Jupiter platform shows the valuation curve rising almost vertically since October 2025, a 900% increase, and the company now ranks among the world’s top‑11 public firms by market cap if it lists at this level.

At the recent San Francisco developer conference, CEO Dario Amodei disclosed that Anthropic’s annualized revenue and usage grew 80× year‑over‑year in Q1, far exceeding the company’s original 10× growth target.

The rapid expansion strained Anthropic’s compute infrastructure, leading to throttling and occasional drop‑outs of its Claude models. To address the bottleneck, Musk’s SpaceX pledged exclusive access to its Colossus 1 data center—over 300 MW of power and 220 000 top‑tier Nvidia GPUs—delivering the hardware needed to sustain the growth.

Anthropic also secured a five‑year, $200 billion cloud services agreement with Google, making it a “super‑leg” for Google Cloud and accounting for more than 40% of Google’s cloud contract backlog.

Combined with contracts from Amazon (5 GW), Microsoft‑Nvidia (US$30 billion Azure capacity), and Fluidstack (US$50 billion infrastructure), Anthropic now relies on a three‑track compute strategy spanning AWS Trainium, Google TPU, and Nvidia GPU.

Analysts warn that maintaining a $1.2 trillion valuation requires near‑doubling growth annually, demanding electricity, chips, and capital on a scale that could bankrupt a small nation.

Both Anthropic and OpenAI aim to go public before 2029, betting on revenue growth of 20–30× by that year—a highly aggressive assumption that fuels a debate between investors’ fear of unsustainable AI spending and optimism about the sector’s long‑term potential.