Anthropic Valued at $2.12 Trillion Even Before Listing... Will the Bubble Burst if IPO Opens?

▲ Anthropic, OpenAI, Artificial Intelligence (AI)/AI-generated image

The cryptocurrency derivatives market has valued Anthropic, which doesn't even have listed shares, at a whopping $2.12 trillion.

According to Bitcoin.com on September 9 (local time), Binance's ANTHROPIC/USDT contract recorded $2,120 in DefiLlama's pre-IPO market data. Binance estimates Anthropic's enterprise value at approximately $2.12 trillion, assuming 1 billion shares. Similar contracts on Bitget, Kraken, BingX, Aster, and Coinbase International also reflected a comparable valuation.

The figure set by the derivatives market more than doubles Anthropic's recent private market valuation. Anthropic raised $65 billion in Series H funding on May 28, receiving a valuation of $965 billion. In late August, the ANTHROPIC/USDT contract on the Binance market recorded $1,600-$1,840, reflecting an enterprise value of $1.6 trillion to $1.84 trillion. On the Hyperliquid market opened by Entropy, the valuation also briefly exceeded $2 trillion.

However, ANTHROPIC/USDT is not Anthropic stock. Binance listed the product as a USDT-margined perpetual future on June 2, offering up to 20x leverage. Contracts are settled in USDT and use prices formed on the exchange. It is not structured for investors to be listed on Anthropic's shareholder register or to receive actual shares upon settlement. OKX assumes 10 billion shares, displaying a different unit price, but the resulting enterprise value is similar.

Anthropic itself has issued a warning against tokenized pre-IPO products. PreStocks issued ANTHROPIC tokens on Solana (SOL), claiming economic exposure through a special purpose vehicle (SPV). Anthropic stated in May that it does not permit unauthorized SPVs to acquire its shares and that any related share transfers are void. After warning that investment products sold by third parties, such as tokenized securities or forward contracts, could become worthless assets, PreStocks tokens fell by approximately 34-45%.

The crypto market's $2 trillion bet will be scrutinized during the upcoming IPO process. Binance stated that it could adjust contracts if the number of shares disclosed in Anthropic's registration statement differs by more than 3% from current estimates. Anthropic's annualized revenue was disclosed to be approximately $47 billion at the time of Series H investment and was reported to have increased to about $65 billion by the end of July. Bitcoin.com pointed out that the current figure of $2.12 trillion reflects the expectations of cryptocurrency derivatives investors, not a valuation approved by Anthropic or confirmed in actual stock transactions.

[Article Summary]

-Anthropic shares are not yet listed, but the cryptocurrency perpetual futures market has reflected an enterprise value of approximately $2.12 trillion.

-Binance's ANTHROPIC/USDT is a derivative product offering up to 20x leverage that does not provide actual shares.

-Anthropic warned that tokenized investment products through unauthorized special purpose vehicles could become worthless assets.

*Disclaimer: This article is for investment reference only and we are not responsible for investment losses based on it. This content should be interpreted for informational purposes only.*