Synthetic perpetual futures on crypto platforms like Binance and Hyperliquid are valuing Anthropic between $1.6 trillion and $2 trillion, nearly double its official valuation of $965 billion from the last fundraising round in May 2026. The AI company is preparing an IPO and has filed a confidential S-1 with the SEC, while its annualized revenue surged from $9 billion at the end of 2025 to over $65 billion by July 2026. Anthropic attempted to curb speculation by declaring unauthorized share transfers void, causing linked tokens to drop 27% to 40%, but prices recovered within weeks. These instruments provide no ownership rights or legal recourse, and any regulatory action could crash prices overnight.
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