Anthropic reaches $2.1 trillion implied valuation via crypto derivatives

Crypto derivatives markets have produced an implied valuation for Anthropic of approximately $2.1 trillion, more than double the company’s $965 billion valuation from its Series H financing in May.

On September 9, Binance’s pre-IPO perpetual contract for Anthropic traded above $2,100. This figure is reached by multiplying the contract price by an estimated one billion shares, a convention used by Binance for informational purposes. While similar contracts have traded on other exchanges like Bitget, Kraken, and Coinbase International, the valuation is driven by exchange trading activity rather than actual equity stakes.

Anthropic has previously cautioned against third-party exposure via tokenized securities or forward contracts, stating that such offerings might be worth nothing. The company has also noted that it does not permit special purpose vehicles to hold its stock.