That is roughly 88% above Anthropic's $965 billion valuation from its May Series H funding round. The gap is smaller against secondary-market prices, where scarce Anthropic shares are reportedly changing hands at valuations as high as $1.5 trillion. Crypto traders are assigning Anthropic a valuation approaching $1.8 trillion, almost double the price attached to the Claude developer in its latest official funding round, as speculation builds around one of the most anticipated technology IPOs.
ANTHROPICUSDT, a pre-IPO perpetual futures contract available on exchanges including Binance and Bybit, has recently traded in roughly the $1,600 to $1,840 range. Binance launched its contract in June using an estimated one billion Anthropic shares as its pre-IPO benchmark. At $1,800 per contract, that methodology translates into an implied company valuation of approximately $1.8 trillion.
That would put the crypto-derived valuation roughly 88% above the $965 billion post-money valuation Anthropic received when it raised $65 billion in May. The premium looks extreme against the May funding round, but more recent private-market activity tells a different story. Anthropic shares have reportedly traded at valuations as high as $1.5 trillion on secondary markets, with sellers scarce as investors seek exposure before a potential public listing.
Against that benchmark, a $1.8 trillion crypto-implied valuation represents a much smaller premium of around 20%. Investors are already discussing an even higher number for Anthropic's IPO. The Financial Times reported that some backers expect the company to list at $2 trillion or more, potentially putting the current crypto price below rather than above the valuation Anthropic could seek from public investors.
The rapid valuation expansion is being supported by unusually aggressive growth expectations. Anthropic said its annualized revenue run rate had crossed $47 billion in May, up sharply as Claude gained adoption among enterprise and coding customers. More recently, reported that Anthropic is projecting $190 billion to $200 billion in 2028 revenue, with bankers and investors using forward revenue multiples to assess what the business could be worth at IPO.
That helps explain why prices have moved far beyond May's $965 billion fundraising benchmark. ANTHROPICUSDT is not publicly traded Anthropic stock and does not give traders direct ownership of the company. It is a pre-IPO derivative whose pricing is based on an estimated share count and market expectations.
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