Want to buy Claude stock? Anthropic: Unauthorized equity transfers are invalid; lawsuit filed against secondary market intermediaries

Anthropic Sues to Block Unauthorized Secondary Market Trading, Claiming Certain Share Transfers Are Invalid. The company’s valuation has soared to $1.4 trillion in the private equity market, and this case could impact AI capital market regulations.

Anthropic Moves to Halt Unauthorized Equity Transactions

AI company Anthropic recently filed a lawsuit in Delaware, USA, officially challenging secondary market equity transactions that were not approved by the company, and claiming that some share transfers are “null and void from the outset.”

This case quickly drew attention from Silicon Valley and the crypto markets because Anthropic has been estimated by some private and blockchain markets to be worth over $1.4 trillion, making it one of the most watched unlisted AI companies globally.

According to official documents, Anthropic accuses certain investment instruments and intermediaries of selling or packaging Anthropic equity exposure products through SPVs (Special Purpose Vehicles) and secondary market arrangements without company approval, violating transfer restrictions in the company’s bylaws.

Anthropic believes that such transactions could undermine the company’s control over its shareholder structure and may allow unverified investors to obtain economic benefits, and thus requests the court to declare these equity transfers invalid.

AI Sector Pre-IPO Market Rapidly Heating Up

Recently, Anthropic has become one of the most talked-about companies in the global AI market. In February, when the company completed Series G funding, its official valuation was about $380 billion; as secondary and on-chain pre-IPO trading rapidly increased, market prices began to diverge significantly from the official funding valuation.

Data from some on-chain platforms and private markets show that Anthropic-related equity exposure products recently reached a valuation of $1.4 trillion, even surpassing OpenAI. In recent years, the crypto market has popularized the “tokenization of unlisted equity” model, allowing global investors to indirectly participate in the valuation hype of hot AI companies through SPV structures and on-chain tokens.

Image source: X/@MaxCryptoSpace Anthropic-related equity exposure products recently reached a valuation of $1.4 trillion, even surpassing OpenAI

This type of market features 24-hour trading, high leverage, and high liquidity, which also causes valuation volatility to be much faster than in traditional private markets. Anthropic’s lawsuit is seen as a move to cool down the rapidly expanding pre-IPO market.

Delaware Court Becomes a Key Battleground

Since Anthropic is registered in Delaware, the case will ultimately be interpreted by local courts regarding the validity of the company’s bylaws and equity restrictions. The core legal issue is whether the company has the right to prevent unauthorized economic benefit transfers, and whether SPV structures constitute substantive equity transfers.

If the court supports Anthropic’s claims, many popular AI companies and unicorns may further tighten secondary market trading restrictions, or even reevaluate the current prevalent tokenized private equity models.

If the court finds that SPVs or on-chain exposure products do not constitute formal equity transfers, it could open up greater space for the unlisted AI equity market. The case has attracted high market attention because its outcome could influence future operations of AI capital markets and private equity trading rules.

AI and Crypto Markets Accelerate Integration

The Anthropic case also highlights how the boundaries between AI and crypto markets are rapidly blurring. In the past, only large funds and family offices could participate in investments in hot unlisted companies; now, on-chain financial tools and tokenization structures are enabling more retail investors to access previously closed private markets.

• Supporters argue that tokenized private equity can improve liquidity and market efficiency, making capital markets more open;
• Critics worry that high-leverage transactions lacking regulation and transparency could create new speculative bubbles.

As valuations of AI companies like Anthropic and OpenAI approach those of major tech giants, market enthusiasm for AI assets continues to rise. This Delaware legal battle also marks the first significant case where AI financialization and on-chain capital markets collide and enter the judicial arena.

This content is compiled by Crypto Agent from various sources, reviewed and edited by “Crypto City.” It is still in training, and may contain logical biases or informational errors. The content is for reference only and should not be considered investment advice.