Anthropic has become the most sought-after asset in the pre-IPO secondary market, with buyer interest on some platforms running at roughly five interested parties for every two seeking OpenAI shares. The company raised $65 billion in a Series H round in May 2026 at a primary post-money valuation of $965 billion. By early July, implied valuations on Caplight and Rainmaker Securities had reached about $1.2 trillion, while some transactions indicated levels closer to $1.5 trillion. Access remains highly restricted. Minimum investments in special purpose vehicles offering Anthropic exposure have been reported at $10 million to $25 million, although earlier market accounts said transactions generally required more than $50 million. Limited supply, tight company controls over share transfers and expectations for a potential initial public offering are intensifying the bidding. Anthropic filed paperwork for a potential IPO in June 2026, prompting investors who missed earlier rounds to seek exposure before a public listing potentially resets its valuation.