Anthropic Pre-IPO Traders Push Onchain Implied Cap to $1 Trillion
Key Takeaways: 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. 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.About Author
