Anthropic Pre-IPO Traders Push Onchain Implied Cap to $1 Trillion
Onchain traders on Jupiter, Solana’s leading decentralized exchange ( DEX) aggregator, are pricing Anthropic at a $1 trillion implied valuation through synthetic Prestocks tokens, making the artificial intelligence (AI) company the third private firm to cross that threshold alongside OpenAI and SpaceX.
Key Takeaways:
- Kobeissi Letter flagged Anthropic’s onchain implied valuation hitting $1 trillion on Jupiter’s Prestocks on April 27, 2026.
- Anthropic tokens on Solana climbed 733% since October 2025, pushing the implied cap past $380 billion from the February Series G.
- Anthropic explicitly bans SPV and tokenized share transfers, warning investors that these instruments may carry no legal value.
Onchain Buyers Price Anthropic at $1 Trillion on Jupiter, Joining OpenAI and SpaceX
On X, financial commentator Kobeissi Letter flagged the milestone on Monday, in a post that drew wide attention across crypto and AI finance circles. Several other notable X accounts shared the info. The data comes from Jupiter’s Prestocks page, where the ANTHROPIC token displays an onchain implied market cap of $1 trillion, up from roughly $122 per token in October 2025.
That starting point has grown to more than $1,065 per token as of late April 2026, a gain of approximately 733% in under six months. The move pushed Anthropic’s synthetic valuation past the $380 billion post-money figure from its official Series G round closed Feb. 12, 2026, which was led by GIC and Coatue and included participation from Microsoft and Nvidia.
Prestocks tokens are SPL tokens on Solana, minted at a 1:1 ratio to Special Purpose Vehicle exposure that is meant to track actual Anthropic shares on secondary markets. Token holders receive price exposure only. They hold no voting rights, receive no dividends, and have no legal ownership in the company.
Forge Global, a major private-share marketplace, separately confirmed the demand. Forge CEO Kelly Rodriques told Business Insider on April 22 that Anthropic shares were hovering near the $1 trillion mark on his platform, with some bids reaching $1.15 trillion. That reading flipped OpenAI, which Forge pegged at roughly $880 billion.
The combined implied valuation of Anthropic, OpenAI, and SpaceX now totals approximately $3.7 trillion across these instruments, per the Kobeissi Letter post.
Revenue data helps explain why buyers are willing to pay that kind of premium. Anthropic’s annualized revenue run-rate stood near $9 billion at the end of 2025, climbed to $14 billion by February 2026, and exceeded $30 billion by late March and April 2026. That growth is driven primarily by enterprise adoption of the Claude model family.
Onchain token metrics, logged by Coingecko, show a circulating supply of nearly 9,000 tokens, a token market cap of approximately $9.59 million, and roughly $933,000 in liquidity. Daily volume runs between $478,000 and $1.7 million. Around 3,130 wallets hold the token, with the top ten wallets controlling about 50.55% of the supply.
That concentration matters. Thin liquidity means a large sell order can move prices sharply, and the token has at times traded at a 56% discount to its oracle mark price. One brief window showed an implied valuation of $1.56 trillion before prices settled back.
Anthropic has addressed these instruments directly and with caution. The company’s official support page states that it does not permit SPVs to acquire Anthropic stock and that any such transfers are void under the company’s transfer restrictions. Anthropic warns that third parties claiming to sell its shares through tokenized securities or forward contracts are likely either engaged in fraud or offering an investment that may have no value.
That warning has been in place since at least summer 2025 and has not stopped platforms like Prestocks from operating. Prestocks describes its product as bringing private markets to the masses and emphasizes 1:1 SPV backing, though it keeps SPV details confidential. U.S. persons are generally restricted from participating.
Banking analysts at Goldman Sachs and JPMorgan are reportedly modeling Anthropic’s IPO value closer to $400 billion to $500 billion. No S-1 has been filed. Analysts and market observers have pointed to a potential Q4 2026 listing that could raise more than $60 billion, though no official timeline has been confirmed.
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For now, the $1 trillion figure sits in the market as a speculative signal. It reflects genuine demand, explosive revenue growth, and a limited supply of Anthropic shares. It also reflects an onchain market operating outside the company’s own legal framework, which is a distinction buyers should understand before participating.
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