【Anthropic hasn’t gone public yet, but its on-chain valuation has already surged to nearly $2 trillion】
$ANTHROPIC ’s IPO price range is $70 to $78, but ANT perpetual contracts on Trade.xyz have already climbed above $106, around 37% higher than the top of the range. On a fully diluted basis, the implied valuation is close to $1.9 trillion—well above the roughly $1.4 trillion valuation target for the company’s IPO. The opening bell hasn’t even rung, yet expectations in the secondary market have already pushed the price up.
This premium reflects the intense demand for scarce AI leaders: Anthropic’s IPO is enormous in its own right, and major technology companies are also participating in a subsequent private placement, so the market is naturally willing to bet on its growth story in advance.
However, $106 doesn’t mean investors have actually bought Anthropic shares at that price. xyz:ANT is a perpetual contract that tracks the expected share price. Traders get price exposure, but no share ownership or IPO allocation rights. It can reflect market sentiment, but it shouldn’t be taken as the actual trading price after the official listing.
The company’s fundamentals are indeed strong: its annualized revenue run rate had reached $81 billion by October. At the same time, its prospectus disclosed around $900.9 billion in commitments for computing power and infrastructure. The current premium is a bet on AI growth, as well as an early wager that these massive investments will eventually translate into profits.
The ANT contract’s surge shows strong market demand for this IPO, which is also reflected in subscriptions several times oversubscribed. There are even reports that underwriters are considering raising the offering price. But there’s still time before the final pricing. If the range is raised, some of the premium may be absorbed; if it stays as it is, $106 would mean that a substantial portion of the optimistic expectations had already been priced in before listing. The real test isn’t how high it can be hyped before trading begins, but whether actual buyers of the shares can support this premium once they’re officially listed.
#Anthropic拒绝延期IPO，本周路演估值几何？
#Anthropic披露逾100亿美元新算力协议
$ANTHROPIC ’s IPO price range is $70 to $78, but ANT perpetual contracts on Trade.xyz have already climbed above $106, around 37% higher than the top of the range. On a fully diluted basis, the implied valuation is close to $1.9 trillion—well above the roughly $1.4 trillion valuation target for the company’s IPO. The opening bell hasn’t even rung, yet expectations in the secondary market have already pushed the price up.
This premium reflects the intense demand for scarce AI leaders: Anthropic’s IPO is enormous in its own right, and major technology companies are also participating in a subsequent private placement, so the market is naturally willing to bet on its growth story in advance.
However, $106 doesn’t mean investors have actually bought Anthropic shares at that price. xyz:ANT is a perpetual contract that tracks the expected share price. Traders get price exposure, but no share ownership or IPO allocation rights. It can reflect market sentiment, but it shouldn’t be taken as the actual trading price after the official listing.
The company’s fundamentals are indeed strong: its annualized revenue run rate had reached $81 billion by October. At the same time, its prospectus disclosed around $900.9 billion in commitments for computing power and infrastructure. The current premium is a bet on AI growth, as well as an early wager that these massive investments will eventually translate into profits.
The ANT contract’s surge shows strong market demand for this IPO, which is also reflected in subscriptions several times oversubscribed. There are even reports that underwriters are considering raising the offering price. But there’s still time before the final pricing. If the range is raised, some of the premium may be absorbed; if it stays as it is, $106 would mean that a substantial portion of the optimistic expectations had already been priced in before listing. The real test isn’t how high it can be hyped before trading begins, but whether actual buyers of the shares can support this premium once they’re officially listed.
#Anthropic拒绝延期IPO，本周路演估值几何？
#Anthropic披露逾100亿美元新算力协议