Recently, in the secondary market, rumors spread that the implied valuation behind Anthropic’s stake trades has surged to $1.2 trillion, nearly six times higher than the early-year primary market pricing of $180 billion. As the parent company of the Claude series and OpenAI’s strongest rival, this jump by Anthropic does carry a hint of “AI bubble 2.0.”

The hitchhiker targets are clearly visible: GOOGL, as a shareholder and a major cloud compute backer, is set to benefit first; NVDA’s H100/B200 remains a training essential for Claude; and on the crypto side, decentralized compute projects like $RENDER are also riding the heat of the AI narrative.

Personally, I lean bearish/cautious. There are three reasons: first, $1.2 trillion is the secondary stake transfer price, and liquidity is extremely thin—primary markets don’t really recognize this figure; second, Anthropic’s annualized revenue has only just topped $1 billion, and the PS multiple comes out to over a thousand times, depending almost entirely on the “next OpenAI” story; third, the token side $RENDER itself is highly volatile, and once the AI theme cools off, it’s a double blow. The story may be believable—don’t get carried away with your position. #Anthropic二级市场估值飙升至1.2万亿美元