Secondaries & Pre-IPO Liquidity

Anthropic's $965B Series H headline leaves no visible common mark on Forge; the usable employee anchor is the $20.93 H-3 low-price tranche, while OpenAI's visible Forge Price shows what an active secondary benchmark looks like.

Visible secondary marks put Databricks above its $190 Series L preferred price, while reported $165B-$175B round talks now bracket the Forge-implied mark.

SpaceX files its S-1 and exits the secondary market. Anthropic freezes transfers and voids SPVs at a $965B preferred valuation. OpenAI clears above its last round on Forge. Databricks runs 27% above primary. Where AI's most-watched names are clearing relative to their last primary marks — and what the preferred-to-common spread means for employees sitting on paper wealth.