Perpetual contracts tied to Anthropic are trading at levels that imply a valuation of roughly $1.8 trillion for the AI company, an 88% premium over the $965 billion post-money valuation secured in its Series H funding round in May 2026. These contracts, available on platforms including Coinbase, Binance, and Kraken, are synthetic instruments that settle against oracle-fed indices without any actual equity changing hands. The Series H raised $65 billion at a $965 billion valuation, following a Series G at $380 billion in February 2026. The derivatives market is now pricing in a potential IPO as early as October 2026 at a significantly higher level than the last private round.
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