Anthropic Hits $1.2 Trillion in Secondary Trading as Share Supply Dries Up

1 articles · Updated · Business Insider · Jul 9

$1.2 trillion is where Anthropic shares are changing hands on private secondary markets, up from a $965 billion May funding-round valuation and about 550% year over year.
Demand is so intense that trades are rare because few employees or early investors will sell, according to Caplight and Rainmaker Securities, making Anthropic the hottest name in venture secondaries.
That scarcity has pushed buyers into SPVs and other indirect structures with high fees and scam risks, even as Anthropic warns investors to assume unauthorized offers are invalid.
OpenAI has regained some momentum after rolling out its GPT-5.6 models, but brokers still see roughly five Anthropic buyers for every two seeking OpenAI shares; OpenAI is valued around $908 billion on Caplight.
The frenzy comes ahead of Anthropic's expected IPO in the next few months, with investors betting surging revenue disclosed before its quiet period justifies the rush.