Anthropic's corporate valuation surpassed $1 trillion on secondary markets, with the AI model developer Claude's parent company trading at $1.2 trillion on the Caplight platform on the 11th (local time). This valuation exceeds the $965 billion achieved during the Series H funding round in May and surpasses OpenAI's $908 billion valuation on the same platform. The surge is attributed to a shortage of sellers ahead of an anticipated initial public offering and growing investor demand for Anthropic shares.
Secondary Market Dynamics Reflect Seller Shortage
Javier Avalos, CEO of Caplight, stated that Anthropic is "the most watched company in the venture secondary market ever." Glen Anderson, CEO of Rainmaker Securities, confirmed Anthropic shares are trading at the $1.2 trillion valuation but noted actual transactions remain rare due to the absence of sellers. Anderson remarked, "If I could close all the buy orders I have, I wouldn't be doing interviews — I'd be on a beach." Some investors have offered to exchange their houses for Anthropic shares, reflecting the overheated market atmosphere.
The disappearance of sell orders is interpreted as a result of speculation that Anthropic's value will rise further as its IPO approaches. However, Matt Murphy, partner at Menlo Ventures (an early Anthropic investor), dismissed the significance of secondary market valuations, calling them "a noisy signal." Murphy attributed the phenomenon to surging revenue ahead of the listing rather than fundamental value shifts.
SPV Trading Structure Raises Validity Concerns
Market participants have raised concerns about the prevalence of special purpose vehicle (SPV) structures in secondary trades. Under this arrangement, individual investors do not hold Anthropic shares directly; instead, an SPV is established to purchase shares under a corporate entity, with investors holding SPV equity. Critics note this structure requires high management fees paid to intermediaries, eliminates voting rights, and risks invalidation if transactions are later deemed fraudulent or unauthorized.
Anthropic's homepage displays a warning stating that stock transactions without board approval are invalid under the company's charter, and that most indirect investment proposals are not valid. The company has not approved the SPV-based trading activity occurring on secondary platforms.
OpenAI Trading Activity Increases After GPT-5.6 Launch
OpenAI, which had experienced reduced attention compared to Anthropic, saw increased trading activity after unveiling its new AI model GPT-5.6, according to Business Insider. The platform's valuation on Caplight stands at $908 billion, below Anthropic's current secondary market price.
FAQ
What is Anthropic's current valuation on secondary markets?
Anthropic is trading at $1.2 trillion on the Caplight secondary market platform as of the 11th (local time), exceeding its May Series H valuation of $965 billion and OpenAI's $908 billion valuation on the same platform.
Why are Anthropic shares difficult to purchase on secondary markets?
Sellers have largely withdrawn from the market due to speculation that Anthropic's value will rise further ahead of its anticipated IPO. Glen Anderson of Rainmaker Securities confirmed that despite the $1.2 trillion valuation, actual transactions are rare because no one is willing to sell.
What risks are associated with SPV-based Anthropic share trading?
SPV structures require investors to pay high management fees to intermediaries, eliminate voting rights, and may be invalidated if deemed unauthorized. Anthropic's homepage warns that stock transactions without board approval are invalid under the company's charter.
