<\/p>\n
Anthropic\u2019s tokenized pre\u2011IPO shares now imply a $1.2T valuation\u2014above OpenAI\u2014showing how on\u2011chain markets are front\u2011running late\u2011stage AI pricing before any IPO.<\/p>\n
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In February 2026, Anthropic closed a Series G round at a\u00a0$380 billion post-money\u00a0valuation, led by GIC and Coatue, already putting it in the ultra-elite tier of private tech firms. Since then, secondary trading has gone parabolic. On Forge Global, CEO Kelly Rodriques says Anthropic shares are now changing hands at prices that imply a valuation \u201caround the\u00a0$1 trillion\u00a0threshold,\u201d with OpenAI trading closer to\u00a0$880 billion\u00a0on the same platform. That inversion\u2014Anthropic above OpenAI\u2014did not exist three months ago and marks a sharp reversal in investor expectations for which lab will dominate the next phase of the AI cycle.<\/p>\n
On-chain markets have pushed even further. As crypto.news reported in a recent piece on\u00a0Anthropic\u2019s pre-IPO tokenization, Jupiter\u2019s Prestocks venue now prices tokenized Anthropic exposure at levels implying a\u00a0$1+ trillion\u00a0valuation, after a\u00a0733%\u00a0run-up since October 2025. A fresh blast of demand in early May has extended that rally, with data shared by The Kobeissi Letter showing Anthropic\u2019s implied IPO value reaching\u00a0$1.2 trillion, up\u00a020% in a single week\u00a0and nearly\u00a0900%\u00a0over roughly seven months of active on-chain trading. Those tokenized instruments are backed 1:1 by SPV exposure to Anthropic shares, giving speculators a real-time proxy for where public markets might price the company if it listed today.<\/p>\n
By contrast, OpenAI\u2019s last widely cited mark is around\u00a0$852\u2013880 billion\u00a0in private-share markets, with some large investors quietly questioning whether that level fully reflects execution risk, governance noise, and intensifying competition from Anthropic and a resurgent Google DeepMind. In a deeper explainer, crypto.news argued that the\u00a0on-chain pre-IPO segment is increasingly acting like a price-discovery lab\u00a0for late-stage AI valuations, with Anthropic\u2019s Jupiter pricing feeding back into Forge quotes and vice versa, creating a loop where aggressive crypto-native expectations leak into TradFi secondary platforms and back again.<\/p>\n
The headline shift is brutal in its simplicity:\u00a0Anthropic is now priced as worth more than OpenAI\u00a0in the markets that trade their equity surrogates, both on-chain and off. Business Insider recently flagged that Anthropic\u2019s valuation on Forge Global has hovered near\u00a0$1 trillion, above OpenAI\u2019s\u00a0$880 billion, while LinkedIn posts tracking Jupiter and Forge data note Anthropic has \u201cofficially crossed $1 trillion\u201d and joined OpenAI and SpaceX as the only private firms to reach that mark. Kobeissi\u2019s latest update pushes that implied number to\u00a0$1.2 trillion, and some social metrics and Instagram breakdowns even float snapshots where Anthropic\u2019s implied value temporarily touches\u00a0$1.5\u20131.6 trillion, depending on which on-chain series and FX assumptions are used.<\/p>\n
In earlier coverage, crypto.news emphasized how\u00a0Anthropic\u2019s pricing on Jupiter Prestocks has tended to lead revisions on TradFi platforms like Forge Global and Hiive, with the latter recently quoting the company at roughly\u00a0$851 billion\u00a0based on share prices near $849 apiece\u2014already far above the official Series G mark. That gap between \u201clast round\u201d and \u201clive market\u201d has now blown out. The on-chain market is effectively saying: this is not just another decacorn; it is a quasi-mega-cap, comparable in implied value to top-ten public tech names before it has even filed an S\u20111.<\/p>\n
For OpenAI, the optics matter. As a crypto.news\u00a0analysis of OpenAI\u2019s valuation jitters\u00a0noted, some of the lab\u2019s own investors have started to voice concerns that its push into enterprise SaaS and more closed licensing models could narrow its upside relative to Anthropic\u2019s more API-centric, safety-branded approach. With the differential in secondary valuations now widening\u2014not narrowing\u2014those doubts will only intensify, especially as revenue numbers leak out showing Anthropic catching up on, or in some snapshots even surpassing, OpenAI\u2019s top line on a smaller capital base.<\/p>\n
Underneath the headline numbers is a structural shift:\u00a0tokenized pre-IPO markets are becoming central to how investors price late-stage AI risk. On Jupiter\u2019s Prestocks, Anthropic exposure is wrapped into tokens that represent claims on SPVs holding the underlying shares, letting crypto traders buy, sell, and hedge around the clock. That structure gives a technically global, retail-heavy audience a lever on what was once the exclusive domain of specialist secondary funds and well-connected family offices.<\/p>\n
Crypto.news has been tracking this in a broader series on\u00a0tokenized private equity and AI, arguing that the combination of 24\/7 liquidity, permissionless access, and high social virality can produce\u00a0faster and more reflexive repricings\u00a0than traditional secondary platforms. Anthropic\u2019s move from\u00a0$380 billion\u00a0in February to an implied\u00a0$1.2 trillion\u00a0today is the purest expression of that dynamic so far: a tripling (or more) of value in less than three months, with the center of gravity sitting not in San Francisco lawyers\u2019 offices but on an on-chain order book.<\/p>\n
<\/p>\n
Prediction markets are reacting as well. One lines.com market tracking Anthropic\u2019s eventual IPO closing market cap now assigns the highest probability band (39%) to a\u00a0$600\u2013900 billion\u00a0outcome, with thinner but non-trivial odds on a trillion-plus close\u2014numbers that still lag the\u00a0$1.2 trillion\u00a0being implied on Jupiter, suggesting a wedge between \u201cpricing in the casino\u201d and \u201cwhat disciplined bettors think a first-day close looks like.\u201d Crypto.news, in a recent breakdown of\u00a0AI IPO odds and tokenized bets, framed this as a\u00a0tension between exuberant pre-IPO tokens and more sober event markets, with Anthropic as the main case study.<\/p>\n
In traditional finance, this would already be a mania. In crypto, it looks like the logical endpoint of a world where everything\u2014even the world\u2019s most hyped private AI labs\u2014eventually becomes a ticker, a perp, and a basis trade. For now, the scoreboard is simple: on the markets that matter to speculators, Anthropic is the new king of private AI, and OpenAI is, for the first time, playing catch-up.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Anthropic\u2019s tokenized pre\u2011IPO shares now imply a $1.2T valuation\u2014above OpenAI\u2014showing how on\u2011chain markets are front\u2011running late\u2011stage AI pricing before any IPO. Summary Anthropic\u2019s on-chain pre-IPO valuation has surged to around\u00a0$1.2…<\/p>\n","protected":false},"author":1,"featured_media":23727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/27861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=27861"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/27861\/revisions"}],"predecessor-version":[{"id":27862,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/27861\/revisions\/27862"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/23727"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=27861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=27861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=27861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}