The late-stage private market is showing diverging investor sentiment between leading AI companies. Shares of Anthropic have become extremely difficult to source, with strong demand and limited sellers driving intense competition among buyers in secondary markets.

In contrast, OpenAI shares are seeing weaker demand, with some investors struggling to find buyers despite large volumes being offered. While OpenAI still commands a high valuation, secondary market pricing reflects a discount compared to its latest funding round, indicating more cautious investor sentiment.