Overview
Secondary market activity for private stakes in leading AI companies is showing a clear shift. Market participants report reduced appetite for OpenAI shares and heightened demand for Anthropic equity, with brokers and platforms encountering contrasting flows for the two firms.
Secondary-market sellers report weaker interest in OpenAI
Ken Smythe, founder of Next Round Capital, told industry contacts that his secondary marketplace has experienced a notable drop in demand for OpenAI shares in recent months. Smythe said roughly six institutional investors - a mix of hedge funds and venture capital firms holding substantial positions - approached his firm in recent weeks seeking to sell about $600 million worth of OpenAI shares. He observed that similar offerings would have been absorbed in days last year, but currently there are no buyers for these blocks.
Anthropic drawing record demand
By contrast, other secondary venues such as Augment and Hiive are reporting record levels of interest in Anthropic shares. Adam Crawley, co-founder of Augment, indicated that the valuation difference between the two companies is influencing buyer behavior: with OpenAI valued at $852 billion and Anthropic at $380 billion, some investors are seeking Anthropic equity ahead of anticipated price appreciation.
Banks adjust distribution and fees
Sources familiar with the matter say that banks, including Morgan Stanley and Goldman Sachs Group Inc., have begun offering OpenAI shares to high-net-worth clients without applying carry fees. The same source said Goldman Sachs continues to charge its standard carry fee for Anthropic allocations, with that fee typically falling in the 15% to 20% range of profits.
What the reporting shows
- Multiple institutional sellers have sought to divest roughly $600 million of OpenAI shares on the secondary market, according to a broker-source.
- Secondary platforms report strong, even record, buyer interest for Anthropic shares amid a large valuation gap between the two firms.
- At least two major banks are modifying how they distribute private AI stakes to wealth clients, with differing carry fee practices between OpenAI and Anthropic offerings.
The available information outlines current market flows and distribution practices without indicating future outcomes. Participants cited in these reports described present conditions and recent activity rather than predicting subsequent price moves or strategic shifts by the companies involved.