Anthropic, the developer of the AI chatbot Claude, is trading at an implied valuation of $1.2 trillion on off-market platforms ahead of its initial public offering, with some investors offering to swap their homes for shares. According to Business Insider on the 11th, Anthropic is trading at a benchmark valuation of $1.2 trillion on the off-market platform Caplight, exceeding the $96.5 billion valuation from its Series H funding round in May and the $90.8 billion valuation assigned to OpenAI on the same platform. Javier Avalos, CEO of Caplight, stated, "Anthropic is the most sought-after company in the history of the venture secondary market." Glen Anderson, CEO of Rainmaker Securities, confirmed the $1.2 trillion benchmark, noting that sell-side supply has almost completely dried up. Matt Murphy, a partner at Menlo Ventures, dismissed the off-market valuation as a "noisy signal." Market observers point out that a significant portion of these trades are conducted indirectly through Special Purpose Vehicles, where investors pay high management fees, cannot exercise voting rights, and face potential fraud risks. Anthropic has posted a warning stating that stock transactions not approved by its board of directors are void.