Anthropic has soared to a $1.2 trillion valuation on secondary markets. Shares are almost impossible to get.

Anthropic, still private, is trading at an implied $1.2 trillion valuation on a popular secondary exchange. The stock’s sharp run suggests strong investor demand for AI exposure via secondary markets, even before an IPO. The move is likely to affect near-term sentiment and positioning more than near-term fundamentals.

Analysis

Anthropic, still private, is trading at an implied $1.2 trillion valuation on a popular secondary exchange. The stock’s sharp run suggests strong investor demand for AI exposure via secondary markets, even before an IPO. The move is likely to affect near-term sentiment and positioning more than near-term fundamentals.