Key Takeaways
- Anthropic filed for a Nasdaq IPO under ANT, with reports suggesting a $1.5 trillion–$2 trillion valuation.
- The company could raise $100 billion or more, although pricing and timing remain unconfirmed.
- Eligible traders can access pre-IPO exposure through Binance’s ANTHROPICUSDT and Liquid’s ANTH perpetual contracts.
Anthropic has publicly filed for an initial public offering, setting the stage for a potentially record-breaking listing as crypto traders position themselves through markets linked to the Claude developer’s valuation.
The company submitted its S-1 registration statement on Oct. 26 and intends to list Class A common stock on the Nasdaq Global Select Market under ANT.
Its share count and offering price remain undetermined, and the registration statement has not yet become effective.
Reports suggest a valuation of $1.5 trillion to $2 trillion.
Before the debut, eligible traders can access Anthropic-linked derivatives, although these products do not provide ownership of the future Nasdaq stock.
Anthropic Eyes a Blockbuster Listing
Anthropic could raise $100 billion or more and begin trading during the week of Nov. 16, according to The Wall Street Journal. Both the fundraising target and timing remain provisional. Goldman Sachs and Morgan Stanley lead the underwriting syndicate.
The reported valuation range would represent another substantial increase from Anthropic’s latest financing.
In May, the company announced a $65 billion Series H round at a $965 billion post-money valuation, backed by investors including Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital.
At $2 trillion, Anthropic would command slightly more than twice that valuation in private markets, underscoring investors’ expectations for enterprise AI adoption.
The prospectus also reveals the financial tension behind its expansion. First-half revenue reached approximately $16.3 billion, compared with $1.2 billion a year earlier.
Its $80.7 billion net loss included a substantial non-cash revaluation charge related to financing instruments, while its operating loss was considerably smaller, at $693 million.
Those figures make the distinction between accounting losses and operating performance central to assessing the business.
Rapid growth supports the valuation narrative, but the eventual offering price will determine how much future success investors must already pay for.
Where Can You Trade Anthropic Before the IPO?
Binance Futures offers an ANTHROPICUSDT pre-IPO perpetual contract, launched on June 2. The USDT-settled market trades around the clock and offers leverage of up to 20x. Availability depends on jurisdiction and account eligibility.
Its valuation convention requires attention. Binance initially used an estimated share count of one billion, while explicitly warning that the actual IPO share count could differ.
Consequently, the contract’s quoted price should not be mistaken for Anthropic’s eventual Nasdaq offering price.
Another option is Liquid’s ANTH perpetual market, which allows eligible users to take long or short positions tied to an Anthropic reference value.
Liquid describes its quotation convention as one price point representing $1 billion in implied company valuation. A hypothetical reading of 1,800 therefore represents $1.8 trillion, rather than a confirmed stock price.
These markets let traders express views on Anthropic’s prospects before public shares begin trading. Their symbols also differ from ANT, the proposed Nasdaq ticker.
Pre-IPO Perpetuals Do Not Deliver ANT Shares
Buying an Anthropic-linked perpetual does not secure an IPO allocation or automatically convert into stock when the company lists.
Liquid explicitly states that its contract provides no shareholder voting, information or future allocation rights. Positions offer synthetic price exposure, with gains and losses settled through the trading account.
Funding charges, leverage, and market liquidity can materially affect returns. A trader can correctly anticipate a higher company valuation yet still lose money due to liquidation or accumulated holding costs.
The IPO itself also introduces contract-specific questions. Binance says its pre-IPO perpetual will transition to a standard traditional-asset perpetual following an exchange notice.
Traders therefore need to examine each venue’s transition rules alongside its pricing methodology.
For now, these markets provide an early valuation contest while investors await Anthropic’s final share count, price range and confirmed listing schedule.
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The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
