Crypto traders have valued Anthropic at roughly $2.12 trillion through leveraged derivative contracts that carry no actual ownership stake in the AI company. This figure is more than double Anthropic's $965 billion valuation from its May funding round.
The valuation estimate emerged from perpetual futures contracts listed on multiple exchanges. Binance's ANTHROPIC/USDT contract reached $2,120 on September 9, with similar pricing observed on Bitget, Kraken, BingX, Aster, and Coinbase International. Binance stated that its assumed one billion shares outstanding was for informational purposes only and that the implied valuation was not endorsed by the exchange.
OKX uses a different share count of 10 billion shares, resulting in a similar company valuation but at a different per-unit price. Binance launched the perpetual contract on June 2 with leverage of up to 20 times, with pricing driven by exchange trading activity rather than any verified share count.
A separate tokenized offering on Solana through Prestocks suggested a lower Anthropic valuation of approximately $1.59 trillion. Anthropic previously stated it does not permit special purpose vehicles to hold its stock and that third parties offering tokenized exposure might be offering something with no value. Following that warning, Prestocks tokens declined between an estimated 27% and 45%.
Path to Public Markets
Anthropic's valuation has grown rapidly in recent months. The company's private valuation increased from $380 billion in February to $965 billion in May. Its annualized revenue run-rate was reported as approximately $47 billion at the close of its Series H funding and around $65 billion by the end of July.
The company confidentially filed a draft S-1 with the SEC on June 1 and is working to close a $15 billion revolving credit facility with Morgan Stanley, Goldman Sachs, JPMorgan, and Citi. Anthropic is expected to file its prospectus in late September, with the company anticipated to complete its listing before the November midterm elections.
Bankers and investors have discussed a listing range between $1.5 trillion and $2 trillion, with some backers considering a figure near $2 trillion. Binance stated it will rescale the ANTHROPIC/USDT contract if an amended S-1 filing shows a share count more than 3% different from its current assumption.
