Binance Anthropic pre-IPO contract implies $2.1 trillion valuation

By Khal · · 2 min read

Editorial illustration: A glowing network cube on a chip base connects by a brass lever to an upright blank sheet, which casts a much larger shadow on the wall.
AI-generated editorial illustration · AI-generated editorial illustration · Published Sep 11, 2026, 5:25 a.m. (1 hour ago)

In brief

  • Binance ANTHROPICUSDT perpetual contract traded above $2,100 on September 9, implying $2.1 trillion valuation
  • Contract uses one-billion-share denominator Binance may revise before Anthropic's actual IPO
  • Anthropic's May funding round valued the AI company at $965 billion with $47 billion run-rate revenue
  • Contract permits up to 20x leverage and does not represent actual ownership or carry Anthropic endorsement

The contract's current levels

Binance's ANTHROPICUSDT contract traded at $2,168.26 as of 14:45 UTC on September 9, according to DefiLlama data. Open interest stood at $26.1 million with $24.76 million in 24-hour volume. A separate snapshot recorded the mark at $2,122.74, showing open interest up 6.1% over the prior day and roughly $243,000 in liquidations.

Binance Research noted the contract briefly hit an implied $2 trillion valuation in August and closed that month near $1.9 trillion. The exchange permits up to 20x leverage on the contract, with funding every eight hours at +0.005% per interval.

Valuation context and the share-count caveat

Anthropic's Series H funding round in May valued the company at $965 billion post-money, with the company raising $65 billion. At that time, Anthropic's run-rate revenue had crossed $47 billion. Binance Research described the August 31 contract level as roughly twice Anthropic's Series H valuation and around 30 times its revenue run rate.

The critical constraint: Binance's contract announcement specifies an estimated one billion shares and warns that the actual total may differ. The exchange does not endorse the resulting implied value. When Anthropic's actual share count becomes known (typically during IPO registration), Binance may rescale both the mark price and position quantities. A revised denominator can change the screen price without necessarily altering a position's underlying value.

Why the contract floats untethered

The ANTHROPICUSDT contract cannot reference a widely observed stock price before Anthropic lists, because no public Anthropic share index exists. Real traders are pricing exposure to Anthropic on Binance, but both the mark and the share-count convention belong to the contract—Binance sets the price. The contract does not represent actual ownership in Anthropic and carries no company endorsement.

Until Anthropic files for its IPO or announces definitive share terms, the one-billion-share denominator remains a placeholder. Traders should understand that leverage on this contract amplifies exposure to both price moves and the risk of a rescaled denominator.

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