Buying Anthropic shares on the secondary market takes a check of at least $25 million, usually north of $50 million, while an OpenAI stake can be had for $500,000 to $1 million, according to Allie Garfinkle at Fortune. Anthropic tightened who it allows onto its cap table after demand spiked in May, so GPs sitting on warehoused positions are unloading them in blocks of $20 million to $100 million. Demand runs three to five times supply, so even large buyers struggle to find allocation, per broker Christine Healey. Caplight pegs Anthropic’s secondary valuation near $1.4 trillion, up more than 400% YoY, and CEO Javier Avalos has tracked about $1.5 billion of buyer interest since Q2 opened. Underline Capital’s Clara Vydyanath said OpenAI looks underpriced and Anthropic overpriced.
