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

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Anthropic is preparing the largest IPO in history. Investment bankers have reportedly floated a listing worth up to $2 trillion for the maker of Claude, which would make it the most valuable company ever to go public, ahead of SpaceX. Whether that number holds is already being tested on crypto exchanges, where traders have been putting a price on Anthropic for months. And that price points to exactly the same territory.

Almost $2,000 per Token

On Binance, the ANTHROPICUSDT pre-IPO perpetual contract recently traded at $1,934.25. The exchange bases the contract on an estimated total of one billion Anthropic shares, while noting that the actual count may differ. Extrapolated, that implies a valuation of roughly $1.93 trillion.

On the decentralized exchange Hyperliquid, where Entropy runs the ANTH perp, the price sits at $1,934.50, effectively identical to the cent.

For context: Anthropic’s most recent funding round, a $65 billion Series H, valued the company at $965 billion. Crypto traders are paying precisely twice that.

Anthropic Ahead of SpaceX and OpenAI

A third picture comes from PreStocks, a platform that issues tokenized stakes on Solana and says they are backed by SPV exposure. An Anthropic token there costs around $871, and the platform derives an implied valuation of about $1.41 trillion from it, because it assumes considerably more than one billion shares outstanding. Per-token prices across venues are therefore not directly comparable, though the valuations derived from them are.