Anthropic plans to spend $518 billion on AI infrastructure. Pre-IPO perps barely blink.

Revenue grew 12-fold last year to nearly $4.6 billion. Nearly a quarter of it came from just two customers, and the company warned that many of its largest clients are not locked into long-term contracts. Anthropic held $20.28 billion in cash and short-term investments at the end of 2025.

Crypto traders barely reacted

Anthropic pre-IPO perpetual futures, which let traders bet on the company's valuation before it lists, traded at $1,998 on Tuesday across major exchanges, down about 2% over 24 hours, according to CoinMarketCap. The price remains about 10% below its Sept. 9 record of $2,211.

Each contract's price tracks Anthropic's expected valuation in trillions. A price of $1,998, therefore, means traders value the company at about $2 trillion, based on Binance's pricing. That aligns with Reuters' figure.

Twelve exchanges list Anthropic pre-IPO perpetuals, according to Coin Metrics. Open interest, or the dollar value of outstanding contracts, stood at over $100 million as of this writing. Binance accounts for over 30% of activity.

On leading decentralized exchange Hyperliquid, the Anthropic market run by Entropy had an open interest of $36 million.

None of these contracts confer any equity stake in Anthropic. They are synthetic derivatives that settle in cash and track the company’s implied valuation, not its share register.