Anthropic, the AI company behind the Claude models, has filed the prospectus for its initial public offering, laying out a sweeping vision and targeting a valuation above $2 trillion. Yet the pre-IPO perpetual futures that crypto exchanges have offered on Anthropic for months, which had already implied roughly that figure, scarcely repriced on the news.
The disclosures come after crypto markets had already begun pricing Anthropic through pre-IPO perpetual contracts, with the Binance contract reaching levels that implied a valuation above $2 trillion based on an estimated 1 billion shares.
The two figures are not equivalent. Anthropic has not set a final IPO price or share count, while Binance says its estimated share count is for reference only.
What Anthropic’s IPO Prospectus Shows
According to Reuters’ review of Anthropic’s IPO prospectus, the company generated about $4.59 billion in revenue in 2025, up roughly twelvefold from the previous year. At the same time, Anthropic reported a net loss of about $42 billion. The company’s operating loss was approximately $8.06 billion, while a large portion of the net loss reflected changes in the value of financial instruments and other non-operating items.
Anthropic also disclosed approximately $518 billion in future commitments tied to cloud computing, infrastructure and related capacity. The company spent about $7.33 billion on computing in 2025, highlighting the scale of infrastructure required to train and operate increasingly large AI models.
The prospectus also identifies customer concentration as a risk, with nearly one-quarter of revenue coming from two customers, according to Reuters.
Who’s at the Helm: Seven Founders and a Former Fed Chair
The prospectus also details Anthropic’s executive team and board as the company prepares for a potential public listing. Anthropic was founded by seven former OpenAI employees, including CEO Dario Amodei, President and board chair Daniela Amodei, chief science officer Jared Kaplan and chief architect Sam McCandlish. The executive team also includes CFO Krishna Rao, CTO Rahul Patil and international managing director Chris Ciauri.
The board includes Reed Hastings, Netflix co-founder and chairman; Vas Narasimhan, CEO of Novartis; former Microsoft CFO Chris Liddell; and Spark Capital partner Yasmin Razavi. Anthropic is also a Public Benefit Corporation with a Long-Term Benefit Trust intended to help preserve its public-benefit mission. Ben Bernanke, former Federal Reserve chair, joined the trust in July 2026.
The prospectus also describes a proposed Founder LLC involving Anthropic’s seven co-founders. Reuters reported that the structure would give the founders 50.1% of the company’s voting power through a special Class F share, subject to conditions outlined in the filing. That would preserve significant founder control as Anthropic moves toward public ownership.
Anthropic’s IPO Valuation Meets a Crypto Pre-IPO Market
The prospectus arrives after crypto traders had already gained access to derivatives linked to Anthropic’s expected public valuation.
Binance launched its ANTHROPICUSDT USDⓈ-M Futures Pre-IPO Perpetual Contract in June. Binance initially used an estimated 1 billion shares for the contract. The exchange explicitly says the estimate is for informational purposes and does not guarantee the company’s eventual share count. That means a contract trading at $2,000 would imply a $2 trillion valuation only under the 1 billion-share assumption.
The Crypto Times previously reported on the market developing around that valuation range, including Anthropic’s pre-IPO contract reaching a $1.5 trillion implied valuation and later crypto markets pricing Anthropic near $1.6 trillion.
The market subsequently moved into the $2 trillion range, while Reuters has reported that Anthropic could seek a valuation above $2 trillion. That does not mean the crypto contract has established Anthropic’s IPO valuation. It represents a tradable derivative price whose implied valuation depends partly on Binance’s assumed share count.
How Anthropic Pre-IPO Perpetuals Work
The Binance product is a derivative rather than an equity holding. The exchange launched the contract with up to 20x leverage, USDT settlement and 24/7 trading. During the pre-IPO period, Binance uses the contract’s trading activity to determine its mark price.
Binance also says the estimated share quantity can change based on the actual number of shares associated with the IPO.
Anthropic itself has not yet established those final terms. In its June announcement on its confidential S-1 submission, the company said the number of shares to be offered and the IPO price had not been set. The proposed IPO remains subject to SEC review, market conditions and other factors.
What the Crypto Market Reaction Shows
The significance of the pre-IPO market is less about whether crypto traders have accurately predicted Anthropic’s eventual valuation and more about the mechanism itself. A derivative can provide a continuously traded price for a private company’s expected equity value before public shares exist.
That gives traders a way to take leveraged positions around anticipated IPO valuations, but it also introduces variables that do not exist in a conventional public equity market. For Anthropic, the distinction is particularly relevant because the final IPO share count and offering price remain unresolved.
The Crypto Times previously examined the same market in its report on Anthropic’s IPO moving toward October while crypto traders continued to trade its valuation. The latest prospectus disclosures therefore provide a new reference point for a market that had already been trading around Anthropic’s expected valuation.
Anthropic Flags AI Safety and Business Risks
Anthropic’s prospectus also contains extensive risk disclosures. Reuters reported that the company warned advanced AI could create “catastrophic or existential risks to humanity.”
The filing reportedly devotes about 80 pages of its 261 pages to risk factors, covering AI safety, competition, infrastructure requirements, customer concentration, and uncertainty around future demand. The disclosures sit alongside Anthropic’s plans for continued expansion and its large future infrastructure commitments.
IPO Terms Still Matter
The crypto market’s implied valuation should therefore be treated as a market indicator rather than a confirmed IPO valuation.
Anthropic’s confidential S-1 submission did not establish the number of shares or offering price, and Binance’s contract uses an estimated share count that can change. The eventual IPO terms will provide a direct market reference for Anthropic’s publicly offered equity.
Reuters currently reports that Anthropic’s IPO could take place after the November U.S. midterm elections, although the timing remains subject to the company’s filing process and market conditions.
For crypto markets, the listing would also provide a point at which the pre-IPO derivative’s assumptions can be compared with an actual public equity price. The Crypto Times does not forecast Anthropic’s eventual valuation or IPO performance.
Also Read: Blockchain.com Sets Sights on $500M IPO This Year
