Anthropic’s implied valuation hits $2 trillion as tokenized trading takes off

Somewhere between a $965 billion official valuation and a $2 trillion implied price tag on crypto exchanges, reality is having an identity crisis. Anthropic, the AI safety lab behind the Claude model family, is now the subject of a growing speculative frenzy playing out not on Wall Street, but on platforms like Binance and Hyperliquid. Synthetic pre-IPO perpetual futures tied to Anthropic have been trading at levels that imply the company is worth roughly twice what its most recent fundraise suggested. Binance’s ANTHROPICUSDT contract traded between $1,600 and $1,842 in mid-August 2026, translating to an implied valuation of $1.6 trillion to $1.84 trillion. Over on Hyperliquid, Entropy’s ANTH perpetual pushed even higher, trading near $2,005 and implying a valuation north of $2 trillion. What these instruments actually are (and aren’t) These aren’t shares. They aren’t even proxies for shares. Synthetic perpetual futures give traders price exposure to an asset without conferring equity ownership, voting rights, or any legal claim on the underlying company. Traditional secondary market platforms, where actual Anthropic shares change hands between accredited investors, have been prici...