Anthropic has soared to a $1.5 trillion valuation on secondary markets. Almost no one wants to sell.
Anthropic's valuation has recently soared to as much as $1.5 trillion on secondary markets, a 25% increase over the past month.
Since Anthropic remains a privately held company, the vast majority of investors acquire shares through secondary markets. The company's secondary valuation has surged to an astonishing $1.5 trillion in the past month, marking a 25% increase. Despite competitors like OpenAI and Chinese open-source models closing the gap, Anthropic's valuation continues to ascend.
Investors remain highly interested in the AI giant, as it teeters on the brink of one of the largest IPOs in history. Shares of Anthropic are actively traded on secondary markets at valuations reaching $1.5 trillion, even as competition intensifies. According to three secondary traders, the few sellers on record are valued at $1.5 trillion, but the number of sellers remains limited.
Glen Anderson, CEO of Rainmaker Securities, noted that the market for Anthropic shares is scarce. Despite this, anticipation for the upcoming IPO has driven some investors to position themselves ahead of the public offering. Adam Crawley, president of Augment, observed that many are attempting to secure their position before the IPO takes place.
As Anthropic is currently private, the majority of investors participate in secondary markets where existing stock is sold by employees or early investors. Some transactions are legitimate, while others have involved questionable deals with high fees and complex ownership structures through special-purpose vehicles (SPVs). To combat unauthorized stock sales and scams, Anthropic has started cautioning against such activities on its website.
Some buyers have heeded these warnings and are now more selective in their purchases, according to Aman Verjee, a general partner at Practical Venture Capital. Many are now seeking direct cap table exposure to Anthropic's shares, rather than nested SPVs with indirect exposure or earlier rounds and common shares. While demand for the latter has softened, there is still some interest at the $1.5 trillion valuation.
Even as competitors intensify the competition, Anthropic's soaring valuation remains unparalleled in the secondary market.
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