How I Underwrote Anthropic at a $1.2 Trillion Valuation

I underwrote Anthropic at a $1.2 trillion valuation.

Three months ago, it was valued at $380 billion...

This wasn't a primary round; it was a secondary.

Someone who already owns shares wants liquidity early, and I have access to that position at a discount through my Family Office network.

- $65B raised in the last round, closed May 28, 2026
- $47B revenue run rate, up from $9B in December
- 1,000+ customers are paying $1M+ a year
- Confidential IPO filing is already in
- Current valuation: $1.2 trillion

To match deals like this, I ask 4 questions:

1) What stage of risk are we in?

- The company already has massive revenue
- Almost nobody is willing to sell right now
- That imbalance is pushing the price up on its own
- Likely buying the secondary at a very high mark

2) What makes the business work?

- Claude has real enterprise traction.
- The company sells intelligence by the token.
- Most revenue comes from enterprise customers.
- Claude Code is now a major growth engine.
- Enterprise demand is doing the heavy lifting.

3) How is the downside protected?

- Massive institutional backing.
- Large revenue base already in place.
- Enterprise customers are sticky.
- Compute supply is being locked in.
- The company has a real capital cushion.

4) Can we control the exit?

- IPO is the most likely exit.
- Future secondary is also possible.
- Strategic M&A is not the clean path.
- Liquidity timing is still uncertain.
- You are underwriting a long hold.

My verdict:

- Strong fit for UHNWIs
- Strong fit for Family Offices
- Strong fit for Institutions

I'm part of a Family Office network that sees Secondary deals like this before they go public.

If you want access, let's connect 👋