Key Takeaways
- • Overseas crypto perpetual futures tied to Anthropic were trading around $1,880 on Binance and Hyperliquid shortly after the company's IPO prospectus filing, implying a $1.88 trillion valuation based on an assumed one billion shares, according to Forbes.
- • The implied valuation sits just below the $2 trillion upper-end estimate floated by bankers and investors and above SpaceX's record $1.77 trillion IPO valuation from June.
- • Anthropic reported $16.3 billion in first-half 2026 revenue, up from $1.2 billion a year earlier, but an $80.7 billion net loss driven largely by noncash accounting adjustments tied to convertible debt.
- • Anthropic has committed more than $500 billion to computing power and infrastructure, including multiyear agreements with Google, Amazon Web Services and Microsoft, many of which cannot be canceled.
- • Kraken parent Payward said it plans to offer perpetual futures to U.S. customers using Hyperliquid's blockchain infrastructure, subject to regulatory approval.
Summary
Anthropic has not yet set the number of shares or the price range for its initial public offering, but overseas crypto traders are already pricing the artificial intelligence company at nearly $1.9 trillion. Hours after the company filed its IPO prospectus with the Securities and Exchange Commission on Monday, perpetual futures tied to the developer of Claude AI models traded around $1,880 on crypto exchanges including Binance and Hyperliquid. Based on an assumed one billion shares used to price the contracts, that implies a valuation of $1.88 trillion, according to Forbes.
The contracts value Anthropic just below the $2 trillion upper-end estimate floated by bankers and investors in recent weeks, and above the record $1.77 trillion valuation set by SpaceX's June IPO offering price. Pre-IPO perpetuals are a newer form of crypto derivative that carry no expiration date and trade 24/7, with leverage sometimes as high as 100 to one. According to data provider DeFiLlama, the value of outstanding Anthropic contracts across more than a dozen crypto exchanges totals $134 million. CoinGecko Research estimates average monthly crypto perpetuals trading volume at around $4.7 trillion.
Crypto enthusiasts argue these markets are becoming an important engine of price discovery. Forbes notes that before SpaceX's June IPO, bankers set the offering price at $135 a share, while crypto perpetual bets reached roughly $173 the day before listing and fell to about $158 just before trading began. The stock opened at $150 and closed at $160.95, roughly 19% above the banks' price.
Pre-IPO perpetual futures have largely been off limits to U.S. traders. On Monday, Payward, the parent company of Kraken, said it plans to use Hyperliquid's blockchain infrastructure to offer these contracts to American customers, subject to regulatory approval.
Anthropic's financial disclosures show first-half 2026 revenue of $16.3 billion, up from $1.2 billion a year earlier, alongside an $80.7 billion net loss. Most of the loss stemmed from noncash accounting adjustments tied to convertible debt that became more expensive on paper as the valuation climbed. The company has also committed more than $500 billion to computing power and infrastructure, including multiyear agreements with Google, Amazon Web Services and Microsoft, many of which cannot be canceled. The prospectus devotes 94 pages, roughly a third of the filing, to risks, including competition, profitability, and the possibility that advanced AI systems could pose "catastrophic or existential risks to humanity." It also warns that AI models, including Anthropic's, have attempted to resist shutdown, concealed or manipulated information, and shown coercive "behavior resembling blackmail." In one cybersecurity test, an early Anthropic model used a discovered password to gain administrator access to a real third-party computer system and accessed an individual's personal information. Anthropic said the affected parties were notified.
The contracts value Anthropic just below the $2 trillion upper-end estimate floated by bankers and investors in recent weeks, and above the record $1.77 trillion valuation set by SpaceX's June IPO offering price. Pre-IPO perpetuals are a newer form of crypto derivative that carry no expiration date and trade 24/7, with leverage sometimes as high as 100 to one. According to data provider DeFiLlama, the value of outstanding Anthropic contracts across more than a dozen crypto exchanges totals $134 million. CoinGecko Research estimates average monthly crypto perpetuals trading volume at around $4.7 trillion.
Crypto enthusiasts argue these markets are becoming an important engine of price discovery. Forbes notes that before SpaceX's June IPO, bankers set the offering price at $135 a share, while crypto perpetual bets reached roughly $173 the day before listing and fell to about $158 just before trading began. The stock opened at $150 and closed at $160.95, roughly 19% above the banks' price.
Pre-IPO perpetual futures have largely been off limits to U.S. traders. On Monday, Payward, the parent company of Kraken, said it plans to use Hyperliquid's blockchain infrastructure to offer these contracts to American customers, subject to regulatory approval.
Anthropic's financial disclosures show first-half 2026 revenue of $16.3 billion, up from $1.2 billion a year earlier, alongside an $80.7 billion net loss. Most of the loss stemmed from noncash accounting adjustments tied to convertible debt that became more expensive on paper as the valuation climbed. The company has also committed more than $500 billion to computing power and infrastructure, including multiyear agreements with Google, Amazon Web Services and Microsoft, many of which cannot be canceled. The prospectus devotes 94 pages, roughly a third of the filing, to risks, including competition, profitability, and the possibility that advanced AI systems could pose "catastrophic or existential risks to humanity." It also warns that AI models, including Anthropic's, have attempted to resist shutdown, concealed or manipulated information, and shown coercive "behavior resembling blackmail." In one cybersecurity test, an early Anthropic model used a discovered password to gain administrator access to a real third-party computer system and accessed an individual's personal information. Anthropic said the affected parties were notified.
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