Anthropic, the AI company behind the Claude assistant and one of the leading developers of advanced AI models, is preparing for a major public listing. Its rapid growth and substantial investment in computing infrastructure have attracted significant investor attention, while differing valuations have fuelled debate over what the company could be worth when it goes public.
Anthropic’s valuation has shifted considerably in the run-up to its IPO. The first major benchmark was $965 billion, the post-money figure from its $65 billion Series H round in May. The second is the $1.5 trillion to $1.6 trillion range previously reported as a potential IPO valuation, down from earlier talk of about $2 trillion. More recently, the proposed offering price of $70–$78 per share has indicated a fully diluted valuation of up to approximately $1.4 trillion.
The financials behind Anthropic’s valuation
According to its IPO filing with the US Securities and Exchange Commission (SEC), Anthropic generated $4.6 billion in revenue in 2025. Revenue growth accelerated sharply in 2026: $4.7 billion in the first quarter and $11.6 billion in the second, roughly two and a half times as much. The updated filing, published on 2nd November, adds almost $17 billion for the third quarter, about 12 times the same quarter a year earlier, according to Bloomberg. Bloomberg had earlier reported a run rate above $65 billion by the end of July.
The company’s expansion, however, comes with significant costs. The filing shows an $80.75 billion net loss for the first half, but $72.4 billion of that is a non-cash fair-value charge. The operating loss for the half was $693 million, and the second quarter on its own was an operating profit of $974 million. In the third quarter, operating expenses rose to $17.5 billion, which brought an operating loss of about $567 million, and the net loss was $23.3 billion, mostly non-cash again.
Computing infrastructure is a major driver of these expenses. The filing lists agreements with Amazon, Google, Microsoft, Broadcom and others, and the updated version says Anthropic intends to spend more than $895 billion in the years ahead, almost all of it on computing power and infrastructure.
For investors, the key question is whether Anthropic can sustain its rapid revenue growth while managing the substantial costs required to support it.
Why crypto markets are following
Before an IPO, shares in private companies are generally available through funding rounds and secondary transactions, with limited access for individual investors. Some crypto trading platforms offer perpetual contracts that reflect market expectations of private-company valuations, allowing traders to gain price exposure before the shares are publicly listed. By late October, DeFiLlama data cited by Forbes showed $134 million of Anthropic contracts outstanding across more than a dozen exchanges.
These contracts allow traders to take long or short positions around the clock, including weekends, as market expectations respond to new developments. Unlike shares, they are derivatives that provide price exposure without ownership or shareholder rights in the underlying company.
Trading Anthropic’s Story with PrimeXBT
PrimeXBT , a global multi-asset broker and crypto asset service provider, is preparing to introduce Pre-IPO Trading as a new category within its Crypto Futures offering on PXTrader 2.0, starting with ANTHROPIC/USDT* ahead of the company’s expected Nasdaq debut.
ANTHROPIC/USDT will be a USDT-margined perpetual contract, available for 24/7 trading. One contract will represent one notional share, with prices determined through a live order book rather than an official company valuation.
Once Anthropic begins trading publicly, ANTHROPIC/USDT is planned to transition into a standard perpetual Crypto Futures contract linked to the listed stock. If the IPO is cancelled, the contract will be delisted, and open positions may be closed or settled at a reference price, with advance notice to clients. The contract does not convert into actual shares.
The planned launch builds on PrimeXBT’s offering of over 170 Crypto Futures markets, including Tokenized Stock Crypto Futures linked to companies such as Tesla, NVIDIA, SpaceX, Circle and Robinhood.
PrimeXBT’s Crypto Futures offer maker fees of 0.01% and taker fees of 0.045%. Traders can also access flexible leverage, cross and isolated margin options, and advanced risk-management tools. Through PXTrader 2.0, Crypto Futures are available alongside CFDs, with account currencies including USD, USDT, USDC, BTC and ETH.
What to watch next
With Anthropic’s IPO roadshow underway and its Nasdaq debut expected on 19th November, three factors could shape market expectations in the coming days.
- Final IPO price. Anthropic’s indicative offering range of $70–$78 per share provides an initial benchmark, but the final price will offer a clearer indication of investor demand and the company’s valuation.
- Demand during the roadshow. Investor response to the offering, including any changes to its size or pricing, could provide further insight into market confidence ahead of the listing.
- Broader market sentiment. A listing of this scale depends not only on Anthropic’s own performance but also on investor appetite for technology stocks and AI companies more broadly.
For crypto traders, these developments could influence pre-IPO contract prices as expectations adjust ahead of the listing. The eventual IPO price and initial trading performance will provide a clearer indication of how closely pre-IPO market expectations align with public market valuations.
Trade Crypto Futures with PrimeXBT .
* This instrument does not confer ownership of or any rights in Anthropic shares and is not issued, sponsored or endorsed by Anthropic. Prices are based on an assumed 1 bn shares and may differ materially from any official valuation or IPO price. The instrument may be converted, settled or delisted upon IPO or IPO cancellation, including forced closure of open positions. Funding fees apply.
About PrimeXBT
PrimeXBT is a global multi-asset broker and crypto asset service provider trusted by traders in more than 150 countries. The platform bridges traditional and digital markets within one integrated environment, redefining versatility and innovation in online trading. Clients can access Forex, CFDs on indices, commodities, shares, crypto, and Crypto Futures, as well as buy, store and exchange cryptocurrencies. This unified experience extends across both the native PXTrader 2.0 platform and MetaTrader 5, supported by advanced risk-management tools and a wide range of funding options in crypto, fiat and local payment methods. Since 2018, PrimeXBT has focused on empowering traders through broad multi-asset access, fair and transparent conditions, professional-grade technology and dedicated human support. By combining expertise, trust and a client-first approach, PrimeXBT sets a benchmark of excellence in the financial industry and provides traders with the tools they need to trade, grow and succeed with confidence.
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