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Turner Novak highlights that Anthropic remains the most in-demand startup for secondary share trading in the third quarter of 2026, with OpenAI following closely in second place.
Novak adds that interest in companies focused on the physical world, particularly those in defense such as Anduril and Saronic, continues to be strong.
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Novak has previously noted that VCs are eager to join Instinct at a $50 billion valuation after missing the first four rounds. He has also highlighted Ring's growth to surpassing $5 billion in revenue under Amazon. Both developments reflect ongoing investor attention in high-growth technology companies.