Anthropic Perpetuals Skyrocket to 106% Premium Amid Pre-IPO Trading Frenzy

The crypto-enabled pre-IPO trading of Anthropic and OpenAI shows that perpetual futures (perps) are trading at a significant premium over their last priced funding rounds. According to CoinGecko, Anthropic's perps are averaging a 100.5% premium above its $965B post-money valuation set in May 2026, while OpenAI's perps trade at a 42.5% premium over its $852B valuation from March 2026.

Anthropic's implied valuation ranges from $1.88T on Bitget to $1.99T on Crypto.com, with an average of $1.94T across all 19 venues listing the company's perps. In contrast, OpenAI's implied valuations range from $1.21T on Gate to $1.25T on Crypto.com.

Pre-IPO perps are synthetic contracts that allow retail traders to take leveraged long or short exposure to a private company's implied valuation without holding equity or needing accredited-investor status. However, the regulatory environment around pre-IPO trading is currently murky, and trading these contracts carries distinct risks, including no equity ownership and potentially stale reference prices.