{"id":8970,"date":"2026-05-22T11:12:51","date_gmt":"2026-05-22T11:12:51","guid":{"rendered":"https:\/\/friscotimes.org\/?p=8970"},"modified":"2026-05-22T20:44:07","modified_gmt":"2026-05-22T20:44:07","slug":"a-pressure-cooker-ready-to-explode-the-wild-secondaries-scramble-for-anthropic-shares","status":"publish","type":"post","link":"https:\/\/friscotimes.org\/?p=8970","title":{"rendered":"\u2018A pressure cooker ready to explode\u2019: The wild secondaries scramble for Anthropic shares"},"content":{"rendered":"\n<div>\n<p>The idiom \u201cfeeding frenzy\u201d gained prominence in the mid-century, first primarily to describe the behavior of sharks frenetically ripping into large schools of fish. It\u2019s chaotic, ruthless, and triggered by the perception of abundance. And I suspect the phrase gained popularity both because it\u2019s evocative, and because there\u2019s more than one kind of shark out there. And right now, quite a few sharks are circling the secondaries market around Anthropic, which is widely expected to go public this year (as is rival OpenAI).\u00a0<\/p>\n<p>If you\u2019ve missed the ruckus: Anthropic, the maker of Claude and last publicly valued at a now-quaint $380 billion, is raising a new round of funding\u2014the company\u2019s reportedly looking to rake in as much as $50 billion at a valuation in the $900 billion ballpark. And talking to brokers, investors, and founders about it, they all had the same, clear message: This is not normal.\u00a0<\/p>\n<p>\u201cAnthropic has all this clumped-up, pent-up demand, and it\u2019s like a pressure cooker ready to explode,\u201d said Hari Raghavan, an angel investor and founder who\u2019s currently starting a new fund with longtime private capital markets executive Clara Vydyanath. \u201cIf you have pent-up demand and a lack of clean paths you can use to vent the exhaust, what happens is that the whole thing blows up.\u201d<\/p>\n<p>And the demand for Anthropic is explosive, four industry insiders agreed. At the start of this decade, Anthropic didn\u2019t exist, and this year, the company\u2019s ostensibly set to take in $45 billion. This reported (and eye-watering) figure appears to be annualized revenue run rate, which is definitionally dicey\u2014it\u2019s a snapshot-estimate of where revenue will land if recent pace holds. That number isn\u2019t reality, not yet.\u00a0<\/p>\n<p>But reality isn\u2019t the driving force around the tidal wave of demand for Anthropic shares. It all started in late April, when Anthropic put out a call for investor allocations: The message? You want a block of Anthropic shares, you have 48 hours to submit the size of your offer.\u00a0<\/p>\n<p>The result: a market so frothy people are willing to wire hundreds of thousands of dollars to a broker, without verifying if the shares they\u2019re buying are even real. Read my full story here.<\/p>\n<p>Have a great long weekend and we\u2019ll see you Tuesday,<\/p>\n<p><strong>Allie Garfinkle<br \/>X:<\/strong> <a aria-label=\"Go to https:\/\/x.com\/agarfinks\" href=\"https:\/\/x.com\/agarfinks\" target=\"_blank\" rel=\"noreferrer noopener\">@agarfinks<\/a><br \/><strong>Email:<\/strong> alexandra.garfinkle@fortune.com<\/p>\n<p>Submit a deal for the Term Sheet newsletter here.<\/p>\n<p><em><em>Joey Abrams curated the deals section of today\u2019s newsletter<\/em>.<\/em> Subscribe here.<\/p>\n<h3>VENTURE CAPITAL<\/h3>\n<p><span style=\"font-weight:400\">&#8211; <\/span><a aria-label=\"Go to https:\/\/www.farther.com\/\" href=\"https:\/\/www.farther.com\/\"><b>Farther<\/b><\/a><span style=\"font-weight:400\">, a New York City-based digital wealth management platform for financial advisors, raised $150 million in Series D funding. <\/span><b>General<\/b> <b>Atlantic<\/b><span style=\"font-weight:400\"> led the round and was joined by existing investors.<\/span><\/p>\n<p><span style=\"font-weight:400\">&#8211; <\/span><a aria-label=\"Go to https:\/\/home.pivotapp.ai\/\" href=\"https:\/\/home.pivotapp.ai\/\"><b>Pivot<\/b><\/a><span style=\"font-weight:400\">, a Paris, France-based AI-powered procurement management platform, raised $40 million in Series B funding. <\/span><b>Notion<\/b> <b>Capital<\/b><span style=\"font-weight:400\"> and <\/span><b>Forestay<\/b><span style=\"font-weight:400\"> led the round and were joined by <\/span><b>Greyhound Capital<\/b><span style=\"font-weight:400\"> and others.\u00a0<\/span><\/p>\n<p><span style=\"font-weight:400\">&#8211; <\/span><a aria-label=\"Go to https:\/\/www.reps.energy\/\" href=\"https:\/\/www.reps.energy\/\"><b>REPS<\/b><\/a><span style=\"font-weight:400\">, a Tyrol, Austria-based developer of road-embedded technology that harvests energy from vehicle traffic, raised $23.6 million in funding from undisclosed investors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight:400\">&#8211; <\/span><a aria-label=\"Go to https:\/\/www.thepath.ai\/\" href=\"https:\/\/www.thepath.ai\/\"><b>The Path<\/b><\/a><span style=\"font-weight:400\">, a San Francisco-based AI-powered virtual wardrobe and personal styling platform, raised $14.3 million in seed funding. <\/span><b>Prime<\/b> <b>Movers<\/b> <b>Lab<\/b><span style=\"font-weight:400\"> led the round and was joined by <\/span><b>Apolo<\/b> <b>Anton<\/b> <b>Ohno<\/b><span style=\"font-weight:400\">, <\/span><b>Deontay<\/b> <b>Wilder<\/b><span style=\"font-weight:400\">, <\/span><b>Designer<\/b> <b>Fund<\/b><span style=\"font-weight:400\">, and others.<\/span><\/p>\n<p><span style=\"font-weight:400\">&#8211; <\/span><a aria-label=\"Go to https:\/\/www.vetirapp.com\/\" href=\"https:\/\/www.vetirapp.com\/\"><b>V\u00eatir<\/b><\/a><span style=\"font-weight:400\">, a New York City-based AI-powered luxury wardrobe platform, raised $5.5 million in Series A funding from <\/span><b>Laidlaw &amp; Company<\/b><span style=\"font-weight:400\"> and others.<\/span><\/p>\n<p><span style=\"font-weight:400\">&#8211; <\/span><a aria-label=\"Go to https:\/\/shatterdome.energy\/\" href=\"https:\/\/shatterdome.energy\/\"><b>Shatterdome<\/b> <b>Energy<\/b><\/a><span style=\"font-weight:400\">, a Dover, Del.-based AI-powered battery storage and energy trading platform, raised $3.5 million in pre-seed funding. <\/span><b>Crucible<\/b> <b>Capital<\/b><span style=\"font-weight:400\"> led the round.<\/span><\/p>\n<h3>PRIVATE EQUITY<\/h3>\n<p><span style=\"font-weight:400\">&#8211; <\/span><b>Accel-KKR<\/b><span style=\"font-weight:400\"> acquired a majority stake in <\/span><a aria-label=\"Go to http:\/\/upkeep.com\" href=\"http:\/\/upkeep.com\"><b>UpKeep<\/b><\/a><span style=\"font-weight:400\">, a Los Angeles, Calif.-based AI-powered maintenance management (CMMS) and asset operations platform. Financial terms were not disclosed.<\/span><\/p>\n<p><span style=\"font-weight:400\">&#8211; <\/span><b>Advantage<\/b> <b>Distribution<\/b> <b>Holdings<\/b><span style=\"font-weight:400\">, backed by <\/span><b>Tigertail<\/b> <b>Capital<\/b> <b>Partners<\/b><span style=\"font-weight:400\">, acquired <\/span><a aria-label=\"Go to https:\/\/www.cfmdistributors.com\/\" href=\"https:\/\/www.cfmdistributors.com\/\"><b>cfm<\/b> <b>Distributors<\/b><\/a><span style=\"font-weight:400\">, a Kansas City, Mo.-based HVACR distributor. Financial terms were not disclosed.<\/span><\/p>\n<p><span style=\"font-weight:400\">&#8211; <\/span><b>Bregal<\/b> <b>Sagemount<\/b><span style=\"font-weight:400\"> and <\/span><b>Ardian<\/b><span style=\"font-weight:400\"> acquired a majority stake in <\/span><a aria-label=\"Go to https:\/\/en.ennov.com\/\" href=\"https:\/\/en.ennov.com\/\"><b>Ennov<\/b><\/a><span style=\"font-weight:400\">, a Paris, France-based provider of regulatory and quality management software for life sciences companies. Financial terms were not disclosed.\u00a0<\/span><\/p>\n<h3>EXITS<\/h3>\n<p><span style=\"font-weight:400\">&#8211; <\/span><b>Corten<\/b> <b>Capital<\/b><span style=\"font-weight:400\"> acquired <\/span><a aria-label=\"Go to https:\/\/beacon-intelligence.com\/\" href=\"https:\/\/beacon-intelligence.com\/\"><b>Beacon Intelligence<\/b><\/a><span style=\"font-weight:400\">, a London, U.K.-based data and workflow platform for life sciences R&amp;D, from <\/span><b>Graphite<\/b> <b>Capital<\/b><span style=\"font-weight:400\">. Financial terms were not disclosed.<\/span><\/p>\n<h3>OTHERS<\/h3>\n<p><span style=\"font-weight:400\">&#8211; <\/span><b>Analog<\/b> <b>Devices<\/b><span style=\"font-weight:400\"> agreed to acquire <\/span><a aria-label=\"Go to https:\/\/www.empowersemi.com\/\" href=\"https:\/\/www.empowersemi.com\/\"><b>Empower<\/b> <b>Semiconductor<\/b><\/a><span style=\"font-weight:400\">, a Milpitas, Calif.-based power delivery company for AI, for $1.5 billion in cash.<\/span><\/p>\n<h3>PEOPLE<\/h3>\n<p><span style=\"font-weight:400\">&#8211; <\/span><a aria-label=\"Go to https:\/\/a16z.com\/\" href=\"https:\/\/a16z.com\/\"><b>a16z<\/b><\/a><span style=\"font-weight:400\">, a Menlo Park, Calif.-based venture capital firm, hired <\/span><b>Peter<\/b> <b>Levine<\/b><span style=\"font-weight:400\"> as a General Partner.\u00a0<\/span><\/p>\n<p><span style=\"font-weight:400\">&#8211; <\/span><a aria-label=\"Go to https:\/\/capitolmeridian.com\/\" href=\"https:\/\/capitolmeridian.com\/\"><b>Capitol<\/b> <b>Meridian<\/b> <b>Partners<\/b><\/a><span style=\"font-weight:400\">, a Washington, D.C.-based private equity firm, hired <\/span><b>Ryan<\/b> <b>McCarthy<\/b><span style=\"font-weight:400\"> as an Operating Partner. McCarthy previously served as U.S. Secretary of the Army.<\/span><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>The idiom \u201cfeeding frenzy\u201d gained prominence in the mid-century, first primarily to describe the behavior of sharks frenetically ripping into large schools of fish. It\u2019s chaotic, ruthless, and triggered by&hellip;<\/p>\n","protected":false},"author":311,"featured_media":8971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[6],"tags":[5952,8599,2178,6835,4813,7537,9478,102,3129],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u2018A pressure cooker ready to explode\u2019: The wild secondaries scramble for Anthropic shares - Frisco Times<\/title>\n<meta name=\"description\" content=\"The secondaries market for the biggest private tech companies has gotten scorching hot, and is potentially ripe for fraud.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/friscotimes.org\/?p=8970\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018A pressure cooker ready to explode\u2019: The wild secondaries scramble for Anthropic shares - 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