Leveraged crypto derivatives have handed Anthropic an implied valuation of roughly $2.12 trillion — more than double the $965 billion at which the maker of Claude last raised money in May. The bets do not actually carry any stake in the company, and they come just weeks before Anthropic is anticipated to file the prospectus that will finally put a real number on the business. Until that document arrives, every trillion-dollar headline attached to Anthropic rests on share-count assumptions that each trading venue sets for itself.

Binance assumes 1 billion shares to reach its $2,120 quote

The ANTHROPIC/$USDT perpetual contract on Binance hit $2,120 on September 9. The exchange converts that price into a company value by assuming one billion shares outstanding, which is how the quote reads as a $2.12 trillion valuation. Similar contracts traded in the same range on Bitget, Kraken, BingX, Aster, and Coinbase International.

Binance listed the tether-settled perpetual on June 2 with leverage of as much as 20 times. Its price is driven by exchange trading activity rather than any public share count, which means the $2.12 trillion figure reflects leveraged trading positioning rather than capital actually invested in Anthropic. The exchange said its one billion share figure was solely for informational purposes and that the implied valuation was not attributable to or endorsed by Binance. OKX, by contrast, assumes 10 billion shares, resulting in a much smaller per-unit quote but roughly the same company value — a reminder that per-unit prices are not comparable across venues and only the implied company value travels between them.

PreStocks token on Solana implies a lower figure

A separate channel emerged when PreStocks launched an ANTHROPIC token on Solana connected to a special purpose vehicle. On September 9, it traded near $961 to $973, giving it a market cap of about $7.1 million and suggesting an Anthropic value closer to $1.59 trillion — well below what the leveraged perpetuals imply, and a sign that the two channels are pricing the same private company differently.

Anthropic has attempted to shut down that channel. In May, the company said it does not permit SPVs to hold its stock, that transfers into such vehicles are void, and that third parties offering exposure via tokenized securities or forward contracts might be offering something worth nothing. PreStocks tokens fell by an estimated 34% to 45% after the warning, though other tallies put the drop closer to 27%.

Anthropic's revenue run-rate jumped to $65 billion by end of July

Anthropic's private valuation climbed from $380 billion in February to $965 billion in May. Its annualized revenue run-rate was disclosed at close to $47 billion at the close of its Series H before being reported at around $65 billion by the end of July. According to Ramp's August index, 43.5% of US companies bought Anthropic subscriptions or tokens in July, ahead of the 39.7% that bought subscriptions or tokens from OpenAI, while second-quarter revenue more than doubled to $11.6 billion, Cryptopolitan reported. Those fundamentals form the backdrop against which both the private rounds and the derivative quotes have moved this year.

Listing expected in the $1.5 trillion to $2 trillion range

Bankers and investors have floated a listing in the $1.5 trillion to $2 trillion range. Some backers are contemplating a figure of around $2 trillion, versus an OpenAI target of up to $1 trillion. Anthropic is expected to market its offering in mid-October and complete the listing just before the US midterm elections in November, with the prospectus now postponed to late September — the point at which the first officially disclosed share count and valuation terms will be available to set against the exchange-implied figures.

The company confidentially filed a draft S-1 with the SEC on June 1 and is working to close a $15 billion revolving credit facility, with Morgan Stanley, Goldman Sachs, JPMorgan, and Citi among the banks on the deal.

Binance said it will rescale the ANTHROPIC/$USDT contract if an amended S-1 shows a share count more than 3% off its figure, meaning the contract's quote will mechanically adjust once the official number is known. The books are thin for now: more than a dozen Anthropic perpetual markets are listed on DeFiLlama, but the largest have tens of millions of dollars in combined open interest, so the trillion-dollar implied valuations rest on a small base of outstanding positions. The nearest comparison for an Anthropic listing near $2 trillion was SpaceX's June IPO at $1.77 trillion.