Anthropic Surpasses $1.2 Trillion OTC Valuation, Overtaking OpenAI

Corporate Value Soars on the Caplight Platform

The corporate value of Anthropic, the developer behind the artificial intelligence (AI) model Claude, has already soared well past $1 trillion in the over-the-counter (OTC) stock market.

Anthropic logo. Photo by Yonhap News

According to Business Insider on July 11 (local time), Anthropic is currently being traded on the OTC market platform “Caplight” at a valuation of $1.2 trillion (approximately 1,800 trillion won). This figure is significantly higher than the $965 billion valuation from the Series H funding round in May, and even surpasses the market value of rival OpenAI on the Caplight platform, which stands at $908 billion.

Javier Avalos, CEO of Caplight, stated, “Anthropic is the most high-profile company ever in the venture secondary market.” Glenn Anderson, CEO of Rainmaker Securities, also added that Anthropic shares are being traded at a benchmark of $1.2 trillion. He explained that despite the high price of Anthropic shares, few people are willing to sell, making actual transactions rare. He remarked, “If I could fulfill all the buy orders I have waiting, I wouldn’t be doing this interview—I’d be at the beach.” Some investors have even proposed exchanging their homes for Anthropic shares, highlighting the overheated market sentiment.

This disappearance of sell orders for Anthropic shares is interpreted as the result of widespread expectations that the company’s value will rise further with an impending IPO. However, Matt Murphy, partner at Menlo Ventures—an early investor in Anthropic—dismissed the significance of these OTC valuations, calling them “a noisy signal.” He pointed out that this phenomenon is simply a consequence of the overheated market atmosphere following a surge in Anthropic’s revenue ahead of its anticipated listing.

Additionally, concerns are being raised over the fact that a considerable portion of these OTC trades are conducted via special purpose vehicles (SPVs) as indirect transactions. In such cases, individual investors do not directly own Anthropic shares; instead, they form SPVs that purchase Anthropic shares under a corporate entity, while the investors hold equity in the SPV. This arrangement often results in high management fees for intermediaries, a lack of voting rights, and exposes investors to the risk of fraud or the possibility that the transaction may later be deemed invalid. In fact, Anthropic explicitly warns on its website that any share transfers not approved by the board of directors are invalid, and that most indirect investment proposals are not legitimate transactions.

Meanwhile, Business Insider reported that OpenAI, which had recently lost some market attention to Anthropic, has seen an uptick in trading activity after unveiling its new AI model, GPT-5.6.

This content was produced with the assistance of AI translation services.