Anthropic’s Secondary-Market Valuation Hits $1.5 Trillion as Sellers Stay Scarce

Anthropic’s private-market valuation has recently climbed to as much as $1.5 trillion on secondary markets, according to Business Insider. That marks a 25% increase over the past month and comes after a May funding round valued the company at $965 billion. The sharp rise reflects intense demand for shares as the AI company moves toward a potential public-market debut.

The biggest constraint is supply: Business Insider reports that even at the $1.5 trillion level, there are few willing sellers. Glen Anderson, CEO of Rainmaker Securities, said, “The few sellers on our books are around $1.5 trillion,” adding that “there aren’t a lot of sellers out there.” With Anthropic still private, many investors seeking exposure must rely on secondary markets, where employees or early investors sell existing stock.

Anthropic filed paperwork to go public in June, with an expected public-market debut in the next few months, according to the article. Adam Crawley, president of Augment, said investors are trying to position themselves ahead of the IPO. That dynamic can make holders less eager to sell, especially when buyers believe a listing could reset public-market expectations for AI companies.

The article notes that some Anthropic share deals have involved SPVs, or special-purpose vehicles, including structures with high fees and indirect ownership. Anthropic declined to comment, but Business Insider reports the company has become more explicit on its website in warning about unauthorized stock sales and investment scams. Aman Verjee of Practical Venture Capital said many buyers are now asking for direct cap table exposure, while demand is softer for nested SPVs with indirect exposure, fewer reporting rights, or exposure to earlier rounds and common shares.

Anthropic’s valuation is rising even as competitors intensify pressure. Business Insider cites OpenAI’s Codex reaching 5 million active monthly users in June and says OpenAI’s latest models, GPT-5.6 Terra and GPT-5.6 Luna, have been well received. It also notes China’s Moonshot AI and its Kimi models as a growing lower-cost alternative. Still, Anthropic’s secondary-market price has continued to climb while OpenAI’s has stayed relatively flat around its $852 billion March funding-round valuation, according to Crawley.