Anthropic Hits $1.2 Trillion on Secondary Markets

Fueled by intense demand with few sellers, most trades now route through fee-heavy special purpose vehicles, complicating how an eventual public listing would be priced.

Overview

Anthropic reached an implied $1.2 trillion secondary-market quote on Thursday, a roughly 550% year-over-year jump that places it above OpenAI’s roughly $908 billion secondary price.
Completed trades at that level are rare because employees and early investors are largely unwilling to sell, which has left prices driven more by scarcity than by frequent transactions.
The bulk of accessible purchases are executed through special purpose vehicles, or SPVs, which pool many buyers into one deal and often charge sizable fees to investors.
Anthropic has publicly warned against indirect participation through pooled vehicles on its website even as demand pushes buyers toward those structures.
The company filed a confidential IPO prospectus with the SEC in early June, and analysts say the current secondary premium may not hold once public markets set a price and share scarcity disappears.