#Anthropic二级市场估值飙升至1.2万亿美元 Anthropic’s implied valuation in the secondary market has surged to $1.2 trillion, surpassing OpenAI and achieving an astonishing 550% year-on-year growth.

🚀 From “follower” to “leader”

· Official funding vs secondary market: The valuation in the company’s most recent official Series H financing round is $965 billion. The secondary market price is formed when existing shareholders privately transfer shares, reflecting even more bullish expectations from the market.
· Rapid growth trajectory: It only just crossed $1 trillion about three months ago, and is now soaring to $1.2 trillion. Annualized revenue is $12k, and Claude Code, a single-product annualized revenue for its programming agent, reaches $2.5 billion.

🤯 Irrational prosperity driven by extreme equity scarcity

Paired with a trillion-dollar valuation is extreme equity scarcity. Early investors and employees are almost unwilling to sell their shares, leading to “shares that are nearly impossible to get.” Some investors even say they are willing to sell their homes to obtain Anthropic equity.

🧠 Three pillars behind the frenzy

· Breakthrough in computing bottlenecks: SpaceX handed Anthropic the Colossus 1 supercomputing center containing 220k NVIDIA GPUs. The core API limit was instantly increased by 16 times, unleashing suppressed demand.
· Product dominance: In the enterprise AI coding market, Anthropic holds 42%-54% of the share (51% of all enterprise generative AI usage), far exceeding OpenAI’s 21%.
· Market leadership: Claude has built a strong reputation for safety, reliability, and enterprise-grade applications; strategic partnerships with industry giants like Amazon and Google; and expectations following the secret filing of S-1 and an imminent IPO—all of which boost market enthusiasm.

⚠️ Shadows beneath the feast

· Bubble risk driven by scarcity: Much of the current price is pushed by extreme imbalances in supply and demand. Once shares flow into the market after the IPO, the price logic could change dramatically.
· Chaotic off-exchange gray market: Most trading is conducted via high-fee SPVs (special purpose vehicles). Anthropic’s official stance has been clear: these indirect investment channels are “ineffective,” leaving investors exposed to high risks such as fraud.

Anthropic’s $1.2 trillion valuation is a capital feast jointly created by technological breakthroughs, product dominance, and extreme scarcity. It is both a “vote” for its position as an AI leader—and it also contains irrational frenzy.

The final outcome of this “stress test” will only be known after scarcity disappears following the IPO—at which point the market will truly answer whether this is the start of a new era or the peak of yet another bubble.