Anthropic: $1.2 Trillion, Market Rush

Anthropic Reaches Record Valuation in Secondary Markets

Dario Amodei, co-founder and CEO of Anthropic, recently announced that the artificial intelligence company has achieved an impressive valuation of $1.2 trillion on a well-known secondary market. This valuation, although Anthropic is not yet publicly traded, is attracting numerous investors who must turn to these secondary markets to acquire shares. However, despite this high price, purchasing shares proves to be extremely difficult, as current holders are reluctant to sell.

Market Context

Javier Avalos, co-founder and CEO of Caplight, a secondary trading platform, described Anthropic as "the most sought-after company the secondary venture capital market has ever seen." Glen Anderson, CEO of Rainmaker Securities, confirmed that transactions have been completed at this $1.2 trillion valuation, although these transactions are rare due to the lack of sellers.

Just a few months ago, Business Insider reported that Anthropic had surpassed OpenAI for the first time with a valuation of $1 trillion. OpenAI, which has long dominated the sector, is now valued at $908 billion on Caplight.

Valuation Growth

Anthropic's current valuation represents a spectacular increase of 550% compared to the previous year, according to Avalos. In May, the company was valued at $965 billion during a Series H funding round. More recently, Anthropic has filed documents for an initial public offering, expected in the coming months.

Issues in Secondary Markets

Since neither Anthropic nor OpenAI are publicly traded yet, the majority of investors must go through secondary markets where shares are sold by employees or early investors. The surge in share prices has made holders reluctant to sell, and many dubious agreements, often accompanied by high fees and complex ownership structures, have emerged. These transactions are often organized in the form of SPVs (special purpose vehicles), allowing investors to pool their funds for a single one-off investment.

Anthropic has chosen not to comment on this situation but warns on its website about the risks associated with unauthorized share sales and potential scams. The company advises investors to exercise caution and consider any indirect investment offers as suspicious.

Demand and Supply

Despite these warnings, many investors are willing to take risks, motivated by the idea of participating in what they perceive as a gold rush in the AI field. Avalos noted that "most of the supply we have seen on the market has been through SPV structures that the company openly rejects." Some potential buyers have even gone so far as to propose selling their homes to acquire shares of Anthropic.

Anderson added that the demand for Anthropic shares is so strong that it is rare to see a transaction completed, as few people are willing to sell.

Renewed Interest in OpenAI

While Anthropic continues to attract investor attention, OpenAI is also experiencing a resurgence of interest. This renewed interest is primarily due to the launch of its new series of powerful models GPT-5.6, which includes the flagship model "Sol" and the economic model "Terra."

Martin, an investor, explained that he tries to adhere to the company's rules regarding secondary transactions but has become more cautious recently, as Anthropic has tightened its oversight. He only engages in top-tier SPVs, where the seller's identity is clearly established.

Conclusion

Matt Murphy, partner at Menlo Ventures and an early investor in Anthropic, stated that he places little importance on secondary market valuations, which he considers "a noisy signal." However, he understands the excitement, which is based on the solid revenue figures that Anthropic shared before entering a quiet period imposed by the SEC in anticipation of its IPO.