To get into Anthropic right now, you need at least $25 million. For OpenAI, it’s closer to $1 million.

Dario Amodei (Credit: Jason Henry/Bloomberg via Getty Images)

The secondaries market offers a window into the most-watched-IPO horse race, perhaps ever, between OpenAI and Anthropic.

Now, the vibe, shall we say, for a while has been that OpenAI is falling behind Anthropic. Across the secondaries market, that’s certainly how prospective buyers seem to feel: demand for Anthropic shares is far exceeding the demand for OpenAI shares, pre-IPO market sources have been telling me. And though there’s a sense Anthropic fever has escalated in recent months (including the demand explosion around the company’s mammoth $65 billion fundraise), Anthropic shares have been the most prized for some time.