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FollowingCrypto traders used leveraged derivatives to value Anthropic to US$2.12 trillion.
Crypto traders valued Anthropic at approximately US$2.12 trillion using leveraged derivatives that do not actually hold any shares in the company. That figure far exceeds the $965 billion valuation Anthropic, Claude's developer, set in May during its last round of financing. The speculation comes before Anthropic is expected to file a prospectus in a few weeks, which will provide the company with a true basis for valuation.
Binance assumed 1 billion shares to get a bid of US$2120
On September 9, the ANTHROPIC/USDT contract price on Binance hit US$2120. Binance multiplied this price by an assumed 1 billion shares outstanding and converted it into company value, resulting in a valuation offer of $2.12 trillion. Similar contracts are also traded in the same range on platforms such as Bitget, Kraken, BingX, Aster and Coinbase International.
Binance launched a perpetual contract settled in Tether on June 2, with a leverage ratio of up to 20 times. Its price is driven by the exchange's trading activity, not by any publicly disclosed amount of equity. The exchange stated that the 1 billion share data it uses is for information reference only, and the implied valuation does not represent or is recognized by Binance. In contrast, OKX used 10 billion shares as the basis for calculation, resulting in a lower per-unit quote, but resulting in roughly the same overall company valuation.
Prestocks launches ANTHROPIC tokens pegged to special purpose vehicles (SPVs) on Solana
On September 9, Prestocks launched ANTHROPIC tokens pegged to special purpose vehicles (SPVs) on the Solana blockchain. The transaction price hovers between US$961 and US$973 and has a market value of approximately US$7.1 million, implying that Anthropic is worth closer to US$1.59 trillion. This valuation is well below the company's value shown in leveraged perpetual contracts.
Anthropic tried to cut off this channel. In May, the company said it would not allow SPVs to hold its shares and that such transfers would be invalid, warning that exposure provided by third parties through tokenized securities or forward contracts could be worthless. After the warning was issued, the PreStocks token price fell, with an estimated decline of between 34% and 45%, with other statistics showing a decline of about 27%.
Anthropic's revenue running rate jumped to US$65 billion as of the end of July.
Anthropic's private valuation increased from US$380 billion in February to US$965 billion in May. At the end of its Series H financing, its annualized revenue operating rate was disclosed at nearly US$47 billion, and was subsequently reported to have reached approximately US$65 billion at the end of July. According to Ramp's August index, 43.5% of U.S. companies purchased Anthropic subscriptions or services in July, higher than the 39.7% of companies that purchased OpenAI subscriptions or services. In addition, Cryptopolitan reported that Anthropic's revenue more than doubled in the second quarter to $11.6 billion.
Bankers and investors have proposed a listing valuation range of $1.5 trillion to $2 trillion. Some supporters are considering a valuation target of about $2 trillion, while OpenAI's target is as high as $1 trillion. Anthropic is expected to begin marketing in mid-October and complete its listing before the U.S. midterm elections in November. The prospectus has been postponed until late September. The company has secretly filed a draft S-1 form with the U.S. Securities and Exchange Commission (SEC) on June 1 and is working to close a $15 billion revolving credit line. Participating in syndicated groups include Morgan Stanley, Goldman Sachs, JPMorgan Chase and Citibank.
Binance stated that if the revised S-1 form shows a deviation of more than 3% from its assumed value, it will readjust the specifications of the ANTHROPIC/USDT contract. At present, relevant data is still limited. DeFiLlama lists more than a dozen Anthropic sustainable markets, the largest of which have a combined open interest value of tens of millions of dollars. The closest comparison to Anthropic's nearly $2 trillion listing valuation is SpaceX's IPO in June, which was valued at $1.77 trillion.
