Anthropic stock has climbed to a $1.2 trillion implied valuation on secondary markets, but extreme scarcity of available stock means completed transactions remain uncommon, according to Business Insider.
At Caplight, a secondary trading platform whose cofounder and CEO is Javier Avalos, shares are changing hands at the $1.2 trillion level — a market Avalos described by saying Anthropic has become "the most sought-after company the venture secondary market has ever seen." Transactions at that same price point are being confirmed by Glen Anderson, CEO of Rainmaker Securities, though he notes that actual closings are few and far between given the near-total absence of willing sellers. "The demand outstrips the supply in Anthropic so much that it's rare to get a trade done because no one's selling," Anderson told Business Insider.
The $1.2 trillion figure represents a 550% year-over-year increase, according to Javier Avalos. Anthropic's last primary fundraising round, a Series H completed in late May, set its valuation at $965 billion. OpenAI, which had commanded a higher valuation for years, is now trading at $908 billion on Caplight, according to the outlet.
A public listing for either company remains pending, which means anyone wanting a position must go through secondary markets, purchasing shares that employees or early investors are willing to part with. With Anthropic stock rising, few holders are willing to sell. SPVs — special-purpose vehicles that aggregate capital from multiple buyers into a single transaction — have become the predominant mechanism for these trades, even as Anthropic has spoken out against them. "Invest at your own risk: if someone offers you a way to participate, even on an indirect basis, in an investment in Anthropic, assume that it is invalid," the company says on its website.
Some prospective buyers have gone to unusual lengths to participate, including offering to exchange their homes for Anthropic stock.
Anthropic filed a confidential IPO prospectus with the Securities and Exchange Commission in early June, a step that could lead to one of the largest public listings in market history. The company has said the timing of any offering will depend on market conditions.
Investor enthusiasm extends to OpenAI as well, though to a lesser degree. On the ratio of interest between the two companies, Avalos put it at approximately five prospective Anthropic buyers for each two looking at OpenAI. Anderson said that OpenAI had been generating relatively little buyer activity until recently, when the release of the GPT-5.6 model series — including flagship model "Sol" and the budget-oriented "Terra" — rekindled significant interest.