Binance pre‑IPO perpetual contract for Anthropic trades above $2,100, implying $2.1 trillion value
Binance Anthropic perpetual hits $2,100 mark
On September 9, Binance’s pre‑IPO perpetual contract for the AI company Anthropic traded above $2,100. Using Binance’s estimated share count of one billion, the price implies a company valuation of more than $2.1 trillion.
Key numbers
- Contract price: $2,168.26 (DefiLlama snapshot, 14:45 UTC)
- Open interest: $26.1 million (DefiLlama) and up 6.1 % in 24 hours (ByKaranteli)
- 24‑hour volume: $24.76 million
- Liquidations: about $243 th (ByKaranteli)
- Anthropic private valuation: $965 billion (Series H financing, May 2024)
Binance research findings
Binance Research noted the contract briefly implied a value near $2 trillion in August and closed August 31 near $1.9 trillion when the price was multiplied by the one‑billion‑share estimate. The research team said this level is roughly twice the Series H valuation and about 30 times the revenue run‑rate used in Anthropic’s report.
Additional data from market snapshots
DefiLlama and ByKaranteli snapshots show measurable activity in the contract market, with tens of millions of dollars in open interest and volume. The data confirm that traders are actively buying and selling the leveraged contract.
Confirmed facts
- The contract price was above $2,100 on September 9.
- Binance estimates the share denominator at one billion, but the actual number may differ.
- Anthropic raised $65 billion in a Series H round at a $965 billion post‑money valuation.
- Binance allows up to 20× leverage on the contract and charges a funding rate of +0.005 % every eight hours.
- Anthropic has filed a confidential draft Form S‑1 for an IPO, but no share count or offer price has been set.
Uncertainties and potential changes
- The one‑billion‑share estimate is provisional; a revised denominator could change the contract’s quoted price without affecting the underlying position.
- OKX announced it will change its own denominator from one billion to ten billion, stating the adjustment is value‑neutral.
- Public IPO details, such as the final share count and a third‑party index, could reset the implied valuation.
- Binance may convert the contract to a standard traditional‑finance perpetual once a stable external index is available.
Why this matters for traders
The contract lets traders express exposure to Anthropic with high leverage, meaning small price moves can lead to large gains or forced liquidations. Because the contract’s price is derived from Binance’s own market rules and the estimated share count, it does not reflect an actual stock price and can diverge from private‑market valuations.
Potential next steps
Anthropic’s IPO process is ongoing. When the company files a definitive prospectus and lists shares, a public market price will become available. Binance has said it will transition the contract to a standard perpetual tied to a third‑party index once such an index exists.
