Anthropic warned investors this week that any sale or transfer of its stock not approved by its board of directors is void and will not be recognized on its books and records, naming eight platforms it says are operating without authorization.
Transfer restrictions embedded in Anthropic’s bylaws apply to both its preferred and common stock, the company said. Eight platforms were listed by name as operating without authorization: Open Door Partners, Unicorns Exchange, Pachamama, Lionheart Ventures, Hiive, Forge Global, Sydecar, and Upmarket. SPVs are also prohibited from holding Anthropic stock, with the company stating that any shares routed into such a vehicle are invalidated under its transfer restrictions.
“Any third party claiming to sell Anthropic shares to the general public — whether through direct sales, ‘forward contracts,’ tokenized securities, or other mechanisms — is likely either engaged in fraud or offering an investment that may have no value due to our transfer restrictions,” the company said.
Some of the named firms responded. Forge Global disagreed with being listed, telling TechCrunch it never moves private company shares without approval and is working with Anthropic to remove its name. The platform also added a warning to its Anthropic listing, saying share sales not approved by the board will not be recognized. Hiive said all transfers it handles are approved by the issuer. Sydecar described its role as administrative, explaining that sponsors must confirm they have all needed consents before any deal. Unicorns Exchange said it acts as a matchmaking service, not a broker, and that the parties it connects are responsible for evaluating deals themselves.
Anthropic also advised investors to watch out for unsolicited offers of its stock, claims of exclusive or limited-time access, requests for payment by cryptocurrency or wire transfer, and anyone saying they have found a way around the company’s transfer rules. The company said it does not issue stock certificates to the public, and anyone offering such certificates is committing fraud.
The warning reflects the intensity of demand for Anthropic stock on secondary markets. The company has been among the most sought-after private technology stocks, with secondary market platforms implying a valuation of about $1 trillion — well above the $380 billion set in its most recent primary funding round. According to Unicorns Exchange, institutional appetite for Anthropic shares has been intense: the firm fielded upward of 50 purchase inquiries in roughly 90 days, with total demand across those requests surpassing $1 trillion.
Anthropic is separately in the process of raising $30 billion in a new primary funding round that would value the company at $900 billion. That round is being led by Dragoneer, Greenoaks, Sequoia Capital, and Altimeter Capital.
