Bankless examines Anthropic shadow market

Bankless published a podcast episode on May 14 examining private-market trading around Anthropic shares, framing the market as a fast-growing secondary ecosystem built through special purpose vehicles, or SPVs. In the 45-minute episode, Bankless host David Hoffman interviewed Dio Casares of Patagon, a firm that invests in and helps clients access secondary deals. Casares said buyers often cannot purchase directly from Anthropic and instead reach the company through intermediated vehicles layered on top of one another. He described the market as large, fee-heavy and hard for outsiders to inspect. Anthropic's name has become a focal point in a broader scramble for exposure to private AI companies. The company said on February 12 that it raised $30 billion in Series G funding at a $380 billion post-money valuation, led by GIC and Coatue and co-led by D. E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ and MGX. That valuation has helped drive demand for secondary access, according to market participants and recent press reports. ### Why are investors using SPVs instead of buying Anthropic shares directly? Dio Casares said in the Bankless episode that most buyers cannot "just go to Anthropic" and ask to purchase stock in a funding round. He said access is typically controlled by existing holders, intermediaries and sponsors who package allocations into SPVs for outside investors. Patagon, Casares said, operates both a proprietary investing business and a client-facing business that helps investors find access to secondary deals. In the episode transcript posted by Bankless, he said the market has a "Wild West reputation" because access itself is being bought and sold by people who control relationships on one side and demand on the other. ### How big did Bankless say this market has become? Bankless described Anthropic's secondary market in the episode page as "tens of billions of dollars deep." The headline on the episode page referred to a "$200 billion shadow market behind Anthropic's stock," though the page excerpt itself described the market in broader terms rather than presenting a formal market-size estimate. The scale of investor demand is tied to Anthropic's fundraising trajectory. Anthropic said in its February 12 announcement that the new round valued the company at $380 billion post-money. Reuters reported on April 29, citing Bloomberg News, that Anthropic was weighing a new fundraising round at a valuation exceeding $900 billion. ### What fees and structures did the episode focus on? Bankless said on the episode page that some Anthropic-linked deals are "stacked with SPVs on top of SPVs charging 10% fees plus carry." Casares told Hoffman that these structures can sit between the end investor and the actual company, creating multiple layers of economics before any eventual liquidity event. Business Insider reported in February that one pitch for Anthropic shares asked investors to pay a 10% management fee and 10% carry, while buying into a multilayer SPV rather than receiving direct company shares. Kelly Rodriques, chief executive of Forge Global, told the publication after reviewing the deal, "This is a nightmare." ### Why is transparency such a concern in these deals? Business Insider reported that Anthropic began disallowing SPVs in its financing rounds last summer and continued to ban them in its February round, citing a source familiar with the matter. The publication said at least two more SPVs were formed in the prior two months on Sydecar to invest in Anthropic, according to SEC filings it reviewed. Casares told Bankless that investors need to understand exactly where they sit in the structure. The issue, as described in the episode and in recent reporting, is that some buyers may be several steps removed from actual Anthropic equity, while still paying sponsor fees and relying on transfer arrangements that may be subject to company restrictions. ### What did Bankless tell listeners to check before investing? Bankless used the episode to press for cap-table and deal-structure diligence before buying private AI exposure. Casares said investors need clarity on whether they are buying direct shares, an interest in an SPV, or exposure to another SPV that itself holds a claim on shares. The next reference point for this market is Anthropic itself. Anthropic's February 12 Series G announcement remains the company's latest confirmed funding statement, while Bankless' May 14 episode with David Hoffman and Dio Casares remains available on the outlet's podcast feed.