The same company: Binance is quoting it at over $1,300, while Nasdaq has priced it at just $70–$78. That’s more than a tenfold difference—so who got the price wrong?
Anthropic’s IPO timeline is set: pricing on November 18, with trading on Nasdaq starting November 19 under the ticker ANT. The offering price range is $70–$78 per share, for a total of 825 million shares. It could raise up to about $64.4 billion, implying a valuation of roughly $1.4 trillion at the top of the range. Bloomberg says the offering is already about six times oversubscribed, and Amazon will still own more than 5% after the IPO.
The ANTHROPICUSDT pre-market perpetual contract on Binance was trading at around $1,334 on November 13. It isn’t a stock, and the contract itself doesn’t represent ownership. Its quoted price uses an estimated share count of 1 billion as the denominator. The revised version of Anthropic’s prospectus, dated November 10, states that its total share count is about 13.116 billion. Binance plans to change the contract’s share-count basis to that figure, and rename the ticker ANTUSDT; existing positions won’t need to be closed. Working backward from the new basis, the implied valuation on the contract is about $1.33 trillion—basically at the top of the IPO price range.
Binance also has Anthropic’s bStocks token, $ANTB. The prize pool in the button game is paid out in it.
This whale’s take: The leaked version from late September floated a valuation of $2 trillion, while the official range came in at $1.4 trillion—so expectations have already cooled a notch. That pre-market contract price of over $1,300 looks scary, but it’s really just a mismatch in the denominator. Convert it, and the implied valuation is near the top of the IPO range; there’s no easy arbitrage to be had. What really matters is where pricing lands on November 18, and whether the first trade on the 19th holds up. If it’s priced near $78 and the stock stays firm after opening, the AI valuation story can keep rolling. If it falls below the IPO price, the whole AI sector may need to be repriced. Let’s put the hype aside and get the numbers straight before watching the show.
Anthropic’s IPO timeline is set: pricing on November 18, with trading on Nasdaq starting November 19 under the ticker ANT. The offering price range is $70–$78 per share, for a total of 825 million shares. It could raise up to about $64.4 billion, implying a valuation of roughly $1.4 trillion at the top of the range. Bloomberg says the offering is already about six times oversubscribed, and Amazon will still own more than 5% after the IPO.
The ANTHROPICUSDT pre-market perpetual contract on Binance was trading at around $1,334 on November 13. It isn’t a stock, and the contract itself doesn’t represent ownership. Its quoted price uses an estimated share count of 1 billion as the denominator. The revised version of Anthropic’s prospectus, dated November 10, states that its total share count is about 13.116 billion. Binance plans to change the contract’s share-count basis to that figure, and rename the ticker ANTUSDT; existing positions won’t need to be closed. Working backward from the new basis, the implied valuation on the contract is about $1.33 trillion—basically at the top of the IPO price range.
Binance also has Anthropic’s bStocks token, $ANTB. The prize pool in the button game is paid out in it.
This whale’s take: The leaked version from late September floated a valuation of $2 trillion, while the official range came in at $1.4 trillion—so expectations have already cooled a notch. That pre-market contract price of over $1,300 looks scary, but it’s really just a mismatch in the denominator. Convert it, and the implied valuation is near the top of the IPO range; there’s no easy arbitrage to be had. What really matters is where pricing lands on November 18, and whether the first trade on the 19th holds up. If it’s priced near $78 and the stock stays firm after opening, the AI valuation story can keep rolling. If it falls below the IPO price, the whole AI sector may need to be repriced. Let’s put the hype aside and get the numbers straight before watching the show.
