Anthropic Secondary Market Demand Outpaces OpenAI

Secondary market demand for Anthropic shares is significantly outpacing that of OpenAI, with some sources reporting that demand for the AI company exceeds available supply by three to five times. This surge has pushed Anthropic's secondary market valuations to between $1.3 trillion and $1.4 trillion, marking a year-over-year increase of more than 400%.

To manage this interest, Anthropic has tightened its cap-table entry process. Minimum investment thresholds for new entries are now estimated between $25 million and $50 million. In contrast, OpenAI remains more accessible to smaller investors, with entry deployments ranging from $500,000 to $1 million.

Market data from Caplight shows $1.5 billion in interest for Anthropic since the start of the second quarter of 2026. Despite Anthropic being the more prized asset among prospective buyers, some market participants argue that Anthropic is currently overpriced while OpenAI is underpriced.