Last year the company’s revenue surged 12‑fold, reaching close to $4.6 billion; roughly a quarter originated from its two largest customers, and Anthropic cautioned that many of its biggest clients lack long‑term contractual commitments. At the close of 2025, it reported $20.28 billion in cash and short‑term investments.
Crypto traders barely reacted
Anthropic’s pre‑IPO perpetual futures, which enable traders to speculate on the firm’s valuation prior to listing, closed at $1,998 on Tuesday across major exchanges — a 2 % decline over the prior 24 hours, according to CoinMarketCap. The level remains roughly 10 % beneath the September 9 peak of $2,211.
Each contract’s price reflects the anticipated trillion‑dollar valuation of Anthropic. A price of $1,998 therefore implies a market‑implied valuation of approximately $2 trillion, according to Binance pricing, a figure that matches Reuters’ estimate.
Twelve exchanges currently offer Anthropic pre‑IPO perpetual futures, per Coin Metrics. The total open interest — representing the aggregate dollar value of outstanding contracts — exceeded $100 million at the time of writing, with Binance contributing more than 30 % of trading volume.
On the prominent decentralized platform Hyperliquid, the Anthropic market operated by Entropy recorded an open interest of $36 million.
These instruments do not provide any equity interest in Anthropic; they are cash‑settled synthetic derivatives designed to track the company’s implied valuation rather than its actual share register.
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