Anthropic is the hottest stock in private tech. It is also one of the hardest to buy, and that is exactly why the price keeps climbing.
Shares in Anthropic are changing hands on secondary markets at an implied valuation of $1.2 trillion, Business Insider reports. That is a 550% jump in a year. It puts the maker of Claude ahead of OpenAI, whose shares trade at around $908bn on the same platforms.
The figure is startling for how fast it has moved. Barely three months ago the same market valued Anthropic at $1 trillion. Its last primary round, a Series H in May, priced the company at $965bn.
The number rests on an unusual foundation. Almost nobody is selling.
Scarcity, not fundamentals
