Anthropic: Crypto Investors Are Willing to Pay a Valuation of Nearly $2 Trillion

Anthropic is being talked about as the biggest IPO ever, with bankers reportedly floating a listing as high as $2 trillion. If that number survives contact with reality, the Claude maker would debut as the most valuable company ever to go public, topping SpaceX.

But the more interesting price discovery may already be happening on crypto venues. On Binance, the ANTHROPICUSDT pre-IPO perpetual recently changed hands at $1,934.25. With the exchange’s one-billion-share estimate, that works out to roughly $1.93 trillion. Hyperliquid’s ANTH perp sat at $1,934.50, which is close enough to call the same bet.

That is a huge jump from Anthropic’s last financing round. The company raised a $65 billion Series H at a $965 billion valuation, and the crypto market is now effectively putting it at twice that. A different tokenized setup on PreStocks implies less, about $1.41 trillion, because it assumes a larger share count. The pricing differs, but the mood does not: people are reaching for a number with a lot of zeros.

The comparison chart is revealing. On PreStocks, Anthropic sits ahead of SpaceX at roughly $1.36 trillion and OpenAI at about $1.14 trillion. Far below that come xAI at $247 billion, Anduril at $133 billion, Neuralink at just under $52 billion, and the prediction markets Kalshi and Polymarket. By that logic, Anthropic would jump overnight into the tier occupied by the biggest public companies in the world.

None of this means anyone owns Anthropic stock. The company says transfers to SPVs are void, and PreStocks says its tokens carry no ownership, voting, dividend or information rights. What’s trading on Binance and Hyperliquid is a perp, settled in cash and tethered only to trader expectations. With no real share price to anchor it, the contract is basically a live feed of AI optimism with a funding rate attached.