The $200 Billion Shadow Market Behind Anthropic's Stock | Dio Casares

Anthropic's secondary market is tens of billions of dollars deep, stacked with SPVs on top of SPVs charging 10% fees plus carry, and almost entirely opaque.

Dio Casares of Patagon breaks down how it actually works: which deals Anthropic blesses and which get cease-and-desists, why fake share certificates show up in 10-20% of executed deals, what tokenized equities and pre-IPO perps actually represent, and the mess of lawsuits and stuck shares coming when Anthropic finally IPOs.

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TIMESTAMPS

0:00 Intro

0:40 What is Going on in Secondary Markets?

7:03 How Anthropic Secondary Markets Unfold

14:51 Anthropic’s Secondaries Social Elite

19:00 Emerging SPV Structure

21:51 Accidental Frauds?

27:04 After IPO Consequences

35:13 Private Market Lessons

38:21 Patagon Markets

43:54 Tokenized Perps

44:57 Closing Thoughts

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RESOURCES

Diogenes Cesares

https://x.com/diogenes

Patagon Markets

https://patagonmarkets.com/

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Not financial or tax advice. See our investment disclosures here: