To get into Anthropic right now, you need at least $25 million. For OpenAI, it’s closer to $1 million.

The most-watched IPO horse race currently involves OpenAI and Anthropic. Demand for Anthropic shares is significantly higher than that for OpenAI shares in the secondary market, according to market sources. Anthropic has been the most in-demand name in the secondary market for about a year, with Caplight CEO Javier Avalos reporting a $1.5 billion interest since the beginning of Q2 2026.

In May, demand for Anthropic shares was described as a "pressure cooker ready to explode." Due to this high demand, Anthropic has tightened its process for allowing people to buy its shares on the secondary market. Its valuation is now estimated at $1.4 trillion, up more than 400% year-over-year. To invest in Anthropic, potential investors would need at least $25 million, and even then, they might struggle due to the market's clamor.

Christine Healey, founder of broker firm Healey IPO, noted that demand for Anthropic far outweighs supply by 3x, 4x, or 5x. To invest in OpenAI, on the other hand, investors might need between $500,000 and $1 million. Despite this, some sources suggest that OpenAI is currently underpriced while Anthropic is overpriced.