Anthropic has soared to a $1.2 trillion valuation on secondary markets. Shares are almost impossible to get.

In a dramatic surge, Anthropic's valuation has skyrocketed to $1.2 trillion in secondary markets, making it one of the most coveted companies in the venture capital landscape. According to Javier Avalos, co-founder and CEO of Caplight, a platform for secondary trading, the demand for shares is unparalleled. Glen Anderson, CEO of Rainmaker Securities, echoed Avalos's sentiments, noting that while transactions are occurring at this impressive valuation, they are exceedingly rare due to the scarcity of sellers. Just a few months ago, Anthropic was reported to have reached a valuation of $1 trillion, overtaking OpenAI for the first time. Comparatively, OpenAI is now valued at $908 billion, according to Caplight. Avalos highlighted that Anthropic's valuation marks a staggering 550% increase year-over-year. The company was last valued at $965 billion during a Series H funding round in May. Recently, Anthropic filed for an initial public offering (IPO), expected in the coming months. However, with both Anthropic and OpenAI yet to go public, most investors are navigating the secondary market, where shares are sold by employees or early investors. With the stock's value soaring, few holders are willing to sell their shares, resulting in a flurry of questionable transactions laden with high fees and complex ownership arrangements. Many transactions have been structured as special-purpose vehicles (SPVs), which enable investors to pool their resources for single deals. Despite the risks, including warnings from Anthropic against unauthorized stock sales and scams, investors are eager to dive into what they perceive as an AI gold rush. Avalos noted that the majority of supply in the market comes from SPVs that the company does not endorse, and these often come with steep fees. Some prospective buyers have even resorted to unconventional methods, such as offering to sell their homes in exchange for Anthropic shares. The demand for Anthropic remains so high that successful trades are rare. Anderson remarked that if he could fulfill all the demand for Anthropic shares, he would be enjoying a vacation rather than discussing the market. While Anthropic continues to dominate investor interest—drawing five potential buyers for every two seeking OpenAI shares—the latter has experienced a notable uptick in interest, driven by the recent rollout of OpenAI's advanced GPT-5.6 model series, featuring its flagship model, "Sol," and the cost-efficient "Terra." Some investors, like Martin, have become increasingly cautious, adhering strictly to the company’s guidelines for secondary transactions as Anthropic tightens its oversight. He has opted for first-layer SPVs, ensuring the seller's identity is known to mitigate risks. Matt Murphy, a partner at Menlo Ventures and an early supporter of Anthropic, expressed skepticism towards secondary market valuations, labeling them as a "noisy signal." Nonetheless, he understands the heightened interest, citing Anthropic's impressive revenue figures shared before entering a quiet period ahead of its IPO.