Anthropic Shares Soar While OpenAI Loses Steam

Demand for Anthropic shares has become nearly insatiable in private markets, with buyers signaling $2 billion ready to deploy, while $600 million in OpenAI shares sit unsold. Brokers say Anthropic's public standoff with the Department of Defense unexpectedly boosted its appeal, differentiating it from OpenAI and rallying investor sentiment around the company. OpenAI shares trade at a discount to its $852 billion primary valuation, and major banks are now offering its shares without carry fees. SpaceX remains a unique outlier, having avoided the brutal 2022-2024 private market correction that hammered most late-stage companies.