Crypto traders have built nearly $80 million in open interest on futures tied to Anthropic's prospective $2 trillion IPO, even though the AI company has not disclosed a share price, valuation, or offering size. Binance leads the trading, and the contracts settle in cash rather than tracking real shares.
Open interest in futures linked to Anthropic has climbed to about $79.27 million, close to a record $80 million, as traders position around what could become one of the largest IPOs ever attempted. The activity is unfolding even though Anthropic has yet to disclose an offering price, final valuation, or number of shares it intends to sell.
CoinGlass data showed the ANTHROPIC pre-stock contract trading around $2,147, with more than $20 million changing hands in futures over 24 hours. Binance has emerged as the largest venue for the trade, accounting for roughly 40% of activity.
The contract does not represent Anthropic stock. CoinGlass shows no circulating supply or spot trading for the instrument, while Anthropic remains privately held. The price instead reflects derivatives markets attempting to value exposure to a company whose actual shares are not yet publicly available.
Investors have discussed a valuation of as much as $2 trillion, and the Wall Street Journal reported that Anthropic now plans to stage the IPO in November, later than the October timetable investors had previously expected.
Private AI becomes a derivatives trade
Anthropic is part of a broader shift in which crypto markets are building tradable instruments around companies that remain inaccessible to most public-market investors. Perpetual futures tied to pre-IPO companies are cash-settled contracts referencing an anticipated valuation or share price, and holders do not own the underlying shares.
Open interest across Anthropic and OpenAI pre-IPO perpetuals surpassed $160 million this month, up from roughly $1 million in April and 179% from a month earlier, Binance Research said. The two companies accounted for about 95% of pre-IPO perpetual volume during the first 14 days of September. Binance Research said no underlying shares are required to support the contracts, meaning traders are effectively taking opposing positions on what the company could eventually be worth.
That structure lets crypto markets trade corporate developments almost immediately. OpenAI-linked instruments, for example, rose after the company released its Astra model earlier this month and fell after Chief Executive Sam Altman signaled that its IPO could be delayed, Binance Research said.
Allaire urges Anthropic toward public scrutiny
That speculative market is developing as Circle Chief Executive Jeremy Allaire urges Anthropic to complete the transition to public markets. According to X: "Take the leap, Anthropic", Allaire said, arguing that concerns about volatile markets, valuation and AI safety strengthen rather than weaken the case for exposing the company to greater scrutiny.
Allaire drew on Circle's experience after taking the USDC issuer public in June 2025. Circle priced its IPO at $31 per share, with the total offering reaching about $1.2 billion, including shares sold by existing shareholders and the full exercise of the underwriters' overallotment option.
Traditional investors are waiting for Anthropic's prospectus and the disclosures needed to judge whether a valuation approaching $2 trillion is justified. Crypto traders, meanwhile, have already built nearly $80 million in outstanding futures positions behind a market trying to answer that question in real time.
Source: CryptoSlate
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