Crypto derivatives traders are putting a valuation on Anthropic ahead of its potential IPO. The ANTHROPICUSDT Pre-IPO Perpetual contract on Binance Futures rose 5.85% over 24 hours to around $1,566, with roughly $4.94 million in daily volume, according to data reported by on-chain analytics platform Lookonchain. Using Binance’s 1-billion-share reference count for the contract, that price implies a theoretical valuation of about $1.57 trillion for Anthropic, the AI company behind Claude.
The move came a day after the Financial Times report said it had spoken with six Anthropic investors who believe the company’s rapid revenue and demand growth could support a valuation of nearly $2 trillion at a potential IPO, up from $965 billion in May. At $1.57 trillion, the Binance contract sits about 21.5% below that $2 trillion figure, highlighting the gap between current derivatives pricing and the valuation some Anthropic investors reportedly expect at a listing.
The pricing has continued to move since then. As of roughly 10:11 a.m. UTC (about 3:41 p.m. IST) on August 14, based on the contract’s on-screen funding countdown at the time of viewing, an ANTHROPICUSDT Pre-IPO Perp Binance listing showed the contract trading at $1,607.29, up 1.94% on the day, with a mark price of $1,607.80. The contract’s 24-hour range spanned $1,504.69 to $1,614.80 on volume of about 3,699 contracts, implying a valuation near $1.61 trillion at the same 1-billion-share reference count, modestly higher than the level reported a day earlier and continuing the contract’s climb toward, though still short of, the $2 trillion figure under discussion.
Multiple exchanges, including Binance, Bitget, and Bybit, have listed similar Pre-IPO Perp products tracking Anthropic, so prices and available data can vary slightly by venue and by the moment they are captured.
What’s Actually Being Traded
It is worth being precise about what this “pricing” represents, because it is not a stock and Anthropic is not yet public. Binance’s Pre-IPO Perp is a derivative contract launched on June 2, 2026, designed to let traders speculate on a company’s valuation ahead of a public listing. According to Binance’s own contract specifications, the product carries up to 20x leverage, trades 24/7, and settles in USDT. Its “mark price,” i.e. the reference price used for the contract, is calculated from the average of recent trades on Binance’s platform itself, not from any external valuation of Anthropic.
Binance is explicit about the limits of the instrument: the contract does not represent ownership of the underlying company, is not sponsored, endorsed, or affiliated with Anthropic, and there is no guarantee the IPO will occur at all. The exchange also warns that prices can remain volatile and may not reach the eventual IPO price even after listing, and that traders can be liquidated if they fail to meet margin requirements. In short, the $1.565 trillion figure is a real-time snapshot of speculative sentiment among crypto derivatives traders — a useful data point, but not an authoritative valuation.
Why Some Investors See a $2T or Higher Valuation
The optimism driving that sentiment traces to Anthropic’s revenue trajectory, which by multiple accounts has been extraordinary. The company’s annualized revenue run rate reportedly grew from about $9 billion at the end of 2025 to roughly $14 billion in February, $30 billion in April, and more than $47 billion by May 2026, a more than 5-fold increase in under two years. According to the FT’s reporting as relayed by Lookonchain, the investors it spoke with project that run rate could reach $100 billion to $120 billion by the end of 2026, and it was that forward growth estimate, not Anthropic’s current revenue, that underpins the nearly $2 trillion figure being discussed.
At least one investor went further, suggesting that a company growing at roughly 800% annually could justify a 30-times-revenue multiple, implying a valuation closer to $3 trillion. That estimate is a single investor’s own framework, not a consensus figure, and Anthropic’s own executives are reported to not have finalized an IPO valuation target even privately. All of the $2 trillion and $3 trillion figures should be read as investor projections and modeling exercises, not confirmed pricing.
The $2 trillion valuation has also drawn support from market commentators. CNBC’s Jim Cramer, responding to the valuation discussion on August 13, said the figure would not necessarily signal an overheated market if Anthropic’s revenue growth supports it. “We will hear all day today that if Anthropic can command $2 trillion than everything is out of hand. It’s not fraught, though, if they have the revs.”
The potential listing is also being viewed as part of a broader reopening of the IPO market. Dan Ives of Wedbush Securities, commenting around Anthropic’s confidential S-1 filing in early June, described the development as “an opening of the floodgates for the IPO market,” pointing to Anthropic and other major companies expected to go public later in 2026. Ives’ comments address the significance of Anthropic’s potential listing for the broader IPO market rather than establishing a valuation for the company.
How Anthropic Got Here
The scale of the numbers is easier to parse against Anthropic’s funding history. The company’s valuation, as per its own disclosures, has climbed from roughly $61.5 billion at its Series E round in March 2025 to $183 billion (Series F, September 2025), $380 billion (Series G, February 2026), and $965 billion at its $65 billion Series H round in May 2026, a roughly fifteenfold increase in a little over a year. That most recent round was reported to include investors such as Altimeter Capital, Dragoneer, Greenoaks, and Sequoia, alongside participation from Amazon and Google-related entities.
Anthropic confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission on June 1, 2026, and has been widely reported to be targeting a Nasdaq listing around September or October 2026. Because that filing remains confidential and no S-1 has been made public, none of Anthropic’s audited financials, share count, or governance details are independently verifiable at this stage, everything cited here about revenue and valuation comes from Anthropic’s disclosures only.
Why This Matters to Crypto
Beyond the novelty of a crypto exchange product pricing a private AI company, Anthropic’s rise intersects with crypto markets in a more direct way. The company has been aggressively securing computing capacity to support its growth, including a 20-year, roughly $9.1 billion deal with Bitcoin miner Riot Platforms to lease AI data-center capacity, an arrangement The Crypto Times covered as part of the broader trend of crypto miners repurposing operations for AI hosting. That deal is one thread in the same story reflected in the Binance contract: enormous, fast-growing demand for Anthropic’s AI products is reshaping both its own valuation and the businesses of companies that supply its infrastructure.
Pre-IPO derivatives products like this one have also become a recurring feature of crypto exchanges seeking to offer exposure to high-profile private companies before they list, alongside prediction-market contracts on platforms such as Polymarket and Kalshi that let traders bet on whether and when an IPO will happen at all. That overlap between crypto trading infrastructure and pre-IPO speculation is itself a notable, still-developing corner of the market.
The Bottom Line
The $1.57 trillion figure making headlines is a genuine, tradable price, but it is the price of a leveraged crypto derivative reflecting trader sentiment, not an appraisal of Anthropic itself. The gap between the contract’s implied valuation and the roughly $2 trillion figure reported by the FT highlights the difference between current derivatives pricing and some investors’ expectations for a potential listing. This article makes no prediction about Anthropic’s eventual IPO valuation and is not investment advice; pre-IPO perpetual contracts carry substantial leverage and risk and do not guarantee any relationship to a company’s actual listing price.
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