A crypto derivative tracking the implied value of Anthropic has surged into the $1,800 range, putting the artificial-intelligence company’s theoretical valuation as high as $1.84 trillion as traders position for one of the most anticipated technology IPOs in years. Binance’s ANTHROPICUSDT pre-IPO perpetual contract recently traded between approximately $1,600 and $1,842. Using the exchange’s benchmark assumption of one billion Anthropic shares, those prices correspond to an implied company valuation of between $1.6 trillion and $1.84 trillion.
The upper end would represent a roughly 91% premium to the $965 billion post-money valuation Anthropic secured in its $65 billion Series H funding round on May 28. However, ANTHROPICUSDT is not Anthropic stock. It is a USDT-settled derivative designed to track expectations for the private company’s future equity value, without providing ownership, voting rights or other shareholder benefits.
Crypto Traders Price in a Massive IPO Premium
The rapid appreciation reflects intensifying expectations around Anthropic’s potential public listing. Anthropic confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission on June 1, giving the company the option to proceed with an IPO once the regulatory review process is completed. Anthropic has not disclosed how many shares it intends to offer or an IPO price. That makes the valuation implied by ANTHROPICUSDT inherently speculative. The $1.6 trillion-to-$1.84 trillion calculation relies on Binance’s assumed one-billion-share benchmark rather than an official final diluted share count published by Anthropic.
Still, conventional private markets are showing similar enthusiasm. Anthropic shares have recently been valued at approximately $1.5 trillion in secondary-market transactions, according to Business Insider, up about 25% over the preceding month. Reports suggest available shares remain scarce as investors seek exposure before a potential IPO. The crypto market is therefore pricing an additional premium above even those private-market levels.
Anthropic’s Growth Fuels $2 Trillion Expectations
Underlying the speculation is extraordinary revenue growth. When Anthropic raised $65 billion in May, the company said annualized revenue had exceeded $47 billion, compared with more than $5 billion in August 2025. The May financing valued Anthropic at $965 billion, up from $380 billion following its $30 billion Series G round only three months earlier. Expectations have since climbed further. Investors are modeling the possibility of $100 billion to $120 billion in annualized revenue by the end of 2026, while Reuters reported that Anthropic forecasts $190 billion to $200 billion of revenue in 2028.
Those projections have encouraged some investors to consider an IPO valuation around $2 trillion. The derivative market is now approaching that territory before Anthropic has published an IPO price range. That creates both an important market signal and a substantial caveat. ANTHROPICUSDT provides a real-time measure of what leveraged crypto traders are willing to pay for synthetic exposure, but it should not be confused with a financing round or direct secondary share transaction. At $1,842, the contract suggests a $1.84 trillion Anthropic. Whether public-equity investors ultimately agree could become one of the biggest tests yet of the extraordinary valuations being assigned to the artificial-intelligence boom.