Anthropic valuation hits $1.2T as investors scramble for scarce shares

Anthropic reached an estimated $1.2 trillion valuation on secondary markets, according to private market trading platforms, making it one of the most sought-after artificial intelligence companies among investors.

Business Insider reported that the valuation marks a sharp increase from the company's reported $965 billion valuation during its Series H funding round in May and represents a year-on-year increase of about 550%.

Because Anthropic remains privately held, most investors can only access its shares through secondary markets, where existing shareholders, including employees and early investors, sell their stakes.

Limited supply makes shares difficult to obtain

Despite soaring demand, investors are finding it increasingly difficult to purchase Anthropic shares because few existing shareholders are willing to sell.

Industry executives told Business Insider that completed transactions remain rare due to the shortage of available stock.

Javier Avalos, co-founder and CEO of secondary trading platform Caplight, described Anthropic as the most sought-after company the venture secondary market has seen.

Glen Anderson, CEO of Rainmaker Securities, also said investor demand far exceeds the number of available shares.

Company warns investors about unauthorised share sales

As interest grows, Anthropic has cautioned investors against purchasing shares through unauthorised channels.

The company has warned that offers to participate in indirect investments should be treated with caution, highlighting concerns over scams and unauthorised transactions.

Many secondary deals are reportedly being structured through special-purpose vehicles (SPVs), which allow multiple investors to pool money to acquire private shares. However, these arrangements often involve additional fees and complex ownership structures.

IPO filing fuels investor interest

Investor enthusiasm has intensified after Anthropic filed paperwork to go public, with an IPO expected in the coming months.

Strong revenue growth reported before the company entered its mandatory pre-IPO quiet period has also helped fuel optimism among investors.

Matt Murphy, a partner at Menlo Ventures, an early Anthropic investor, said while secondary market valuations can be volatile, the company's financial performance has justified growing investor interest.

OpenAI also sees renewed demand

While Anthropic continues to dominate investor attention, OpenAI has also experienced renewed interest in recent weeks.

According to market participants, demand for OpenAI shares has increased following the public rollout of its latest GPT-5.6 model family, including its flagship "Sol" model and the lower-cost "Terra" model.

Even so, Anthropic continues to attract stronger demand on secondary markets, with buyers significantly outnumbering sellers as investors position themselves ahead of its anticipated public listing.