Anthropic priced above $2 trillion as markets eagerly await IPO filing

Crypto traders are assigning Anthropic an implied valuation of over $1 trillion, despite it not having publicly released its accounts. Anthropic, the company behind Claude, has filed its confidential IPO paperwork and selected Nasdaq for its initial public offering. The IPO release is still pending, leaving only the crypto market to provide a live price for the company.

Anthropic's last agreed valuation was $965 billion, set at a $65 billion Series H round led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia. This valuation represents a nearly sixteenfold increase in roughly 12 months. Revenue has also grown rapidly, reaching an annualized run rate of $65 billion by the end of July, driven by enterprise adoption of Claude.

The company's losses are also substantial, reportedly reaching nearly $42 billion in 2025. Major investors, including Amazon and Anthropic itself, have committed significant resources to the company. Reports indicate that investors are aiming for a target IPO valuation of $2 trillion. Currently, Perpetual futures contracts tracking Anthropic's pre-IPO valuation on Hyperliquid have reached an all-time high of approximately $2.36 trillion, which is near $2.15 trillion.

Market maker DWF Labs' partner, Heng Yu Lee, dismisses the suggestion that leverage rather than conviction drives the premium, stating that the premium prices in public information such as expected revenue numbers and market demand for the stock. The market remains small relative to what it is valuing, with only $6 million in 24-hour volume and $31 million in open interest on Hyperliquid.

Liquidity is expected to improve as the listing approaches, as more investors are likely to participate.