Anthropic’s implied valuation has climbed above $2 trillion in pre-IPO trading, more than twice the valuation agreed in the artificial intelligence company’s most recent private funding round, as investors await the public release of its filing for a potential stock market debut.
The company behind the Claude AI models has reportedly filed confidential IPO documents with US regulators and selected Nasdaq for its listing. The next major step is the public release of its S-1 registration statement, which will provide investors with detailed information about the company’s finances and business.
Until then, pricing for Anthropic is being driven partly by perpetual futures contracts traded on Hyperliquid, a decentralised derivatives platform. The contracts reached an implied valuation of about $2.36 trillion and were trading near $2.15 trillion at the time of the report.
That compares with Anthropic’s latest agreed valuation of $965 billion, established when the company completed a $65 billion Series H funding round in May. The round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia.
Anthropic’s valuation had already risen sharply from $61.5 billion roughly a year earlier. The company, founded in 2021 by Dario and Daniela Amodei, has also reported rapid revenue growth. Its annualised revenue run rate passed $65 billion by the end of July, driven largely by demand for Claude among business customers.
The company’s expansion has also required substantial spending. Losses were reportedly close to $42 billion in 2025, reflecting the costs associated with developing advanced AI models. Amazon has committed up to $33 billion in investment, while Anthropic has agreed to spend more than $100 billion on Amazon Web Services technology over the next decade.
Reports have suggested Anthropic could seek a public valuation of about $2 trillion, with Goldman Sachs, JPMorgan and Morgan Stanley expected to lead an offering that could raise more than $60 billion.
Heng Yu Lee, a partner at market maker DWF Labs, said the prices reflected demand among traders, although he cautioned against treating them as a firm measure of value before the S-1 becomes public.
Hyperliquid’s Anthropic contracts currently have about $6 million in daily trading volume and $31 million in open interest. Lee said prices could fluctuate sharply once the filing is released as traders assess the financial information.
Anthropic’s potential listing would add to a busy year for AI-related IPOs. Cerebras Systems raised $5.55 billion in May, while SpaceX raised more than $85 billion in June after reaching a valuation of $2.8 trillion before falling back.
OpenAI, which had also prepared for a possible listing, has ruled out an IPO in 2026. Chief Executive Sam Altman said a listing this year would be ill-advised.
Anthropic Chief Executive Dario Amodei has also called for a slower pace of development for the most advanced AI systems. The debate could add scrutiny to Anthropic’s IPO as investors examine its spending, growth prospects and approach to AI safety when the S-1 is released.
