Demand for shares in Anthropic has intensified in private markets, with limited supply driving strong investor interest, while OpenAI and SpaceX remain central to shifting dynamics in secondary trading, according to market participants.
Secondary Market Activity Highlights Diverging Demand
Glen Anderson, president of Rainmaker Securities, said Anthropic has become the most difficult stock to source in private secondary markets due to a lack of sellers. He said investor demand has risen sharply, with buyers seeking access to shares that are rarely available.
This trend aligns with earlier reporting that investors have indicated up to $2 billion in capital ready to be deployed into Anthropic shares, while attempts to sell roughly $600 million worth of OpenAI shares have seen weaker demand.
Anderson said the private market environment has shifted, with investors increasingly differentiating between leading AI companies rather than seeking exposure across the sector broadly.
Anthropic Momentum Linked To Public Visibility
Anderson attributed part of Anthropic’s rising demand to increased public attention following its reported interactions with the U.S. Department of Defense. He said the situation amplified the company’s profile and contributed to investor perception of differentiation relative to competitors.
Despite this, Anderson said investor interest has not completely shifted away from OpenAI. He described the market as less active for OpenAI shares compared to Anthropic but said it is not a binary choice between the two companies.
OpenAI Shares Trade At Discount In Secondary Market
OpenAI shares in private secondary markets are trading at an implied valuation of around $765 billion, below the company’s most recent primary valuation of $852 billion. Anderson said that figure is consistent with market observations.
OpenAI has taken steps to regulate secondary trading of its shares. The company has warned investors to be cautious of unauthorized offerings and has established approved channels through banks.
Financial institutions including Morgan Stanley and Goldman Sachs are offering OpenAI shares to high-net-worth clients without charging carry fees, while exposure to Anthropic may involve fees of 15% to 20% on profits.
SpaceX Maintains Strong Position Ahead Of IPO
SpaceX has shown a different trajectory in private markets. Anderson said the company avoided the sharp valuation declines seen across many private firms between 2022 and 2024 and has maintained steady growth.
The company’s valuation has increased from about $12 billion in 2015 to more than $1 trillion ahead of a planned initial public offering. The IPO could raise between $50 billion and $75 billion, potentially making it one of the largest public listings to date.
The anticipated IPO has increased demand for SpaceX shares in secondary markets, while supply has tightened as existing investors hold positions ahead of a potential liquidity event.
IPO Timing May Shape Market Liquidity
Anderson said SpaceX’s planned IPO could influence capital allocation across the market. As one of the first major listings, it may absorb a significant share of available investment capital.
He noted that companies following SpaceX to public markets could face greater scrutiny and reduced liquidity, as investor funds may already be committed.
Both Anthropic and OpenAI are reportedly exploring potential public offerings, though timing remains uncertain.
Featured image credits: Heute.at
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