Binance's ANTHROPICUSDT pre-IPO perpetual futures contract has seen active trading this week, with prices swinging between roughly $1,600 and $1,842, according to Wu Blockchain. Using the contract's reference share count, that range implies a theoretical valuation for Anthropic of between $1.6 trillion and $1.84 trillion.
The contract, which offers up to 20x leverage, has been trading on Binance Futures since June 2, 2026, when it launched just hours after Anthropic filed a confidential S-1 registration with the SEC. At the time of listing, the contract implied a valuation near $1.57 trillion, meaning the recent move toward $1,842 represents a meaningful climb from where the market started pricing the AI company five months ago.
Derivatives Pricing Still Trails Some Investor Estimates
Even at the top of its recent range, the Binance contract's implied valuation sits below the most bullish figures reportedly circulating among Anthropic's own backers. A Financial Times report indicated that six Anthropic investors believe the company's rapid revenue and demand growth could support a valuation approaching $2 trillion at an eventual IPO, up sharply from roughly $965 billion in May. At $1.84 trillion, the derivatives market has closed much of that gap, but a real IPO valuation, if and when one arrives, remains the only way to settle the question.
A Growing Market for Pre-IPO Synthetic Exposure
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Anthropic's contract is part of a broader wave of exchange-listed pre-IPO perpetuals that let traders speculate on private companies' eventual public valuations well before any listing is scheduled or even confirmed. Because there's no live secondary market setting a reference price, these contracts trade almost entirely on sentiment, leverage flows, and periodic news — like funding round reports or S-1 filings — rather than the kind of continuous price discovery a public listing would provide.
That makes contracts like ANTHROPICUSDT a real-time gauge of how crypto-native traders are pricing in AI-sector optimism, even if the number itself remains a leveraged, thinly informed guess until Anthropic actually goes public.
