Anthropic is now worth $1.2 trillion on paper. Almost nobody can buy in

Anthropic's private shares are trading at an implied valuation of $1.2 trillion on secondary markets, surpassing OpenAI's valuation. This surge is driven primarily by scarcity, as very few shareholders are selling, leading to high demand and inflated prices without new revenue or products. The company discourages indirect investments through special-purpose vehicles, but buyers continue to pursue these routes despite risks and fees, resulting in uncertain valuations for minority stakes.