Is Anthropic worth $2 trillion? Here’s how the company is trading in a new tokenized market.

A new tokenized market has begun pricing Anthropic, the AI research company, through perpetual futures—derivative contracts that allow traders to speculate on an asset without owning it. These contracts currently imply a valuation of roughly $2 trillion, reflecting aggressive expectations for the company’s future growth. Unlike traditional shares, perpetual futures have no expiration date, and their price is driven by market sentiment, funding rates, and speculative positioning rather than audited fundamentals.

Not all fund managers are convinced. While the tokenized market is active, some institutional investors caution that such valuations may be detached from the private market’s actual assessment of Anthropic. These futures markets are often characterized by high leverage and thin liquidity, which can amplify price swings and produce signals that diverge sharply from where private buyers and sellers would transact.

For market watchers, the emergence of this market offers a real-time, if imperfect, barometer of sentiment around a major private AI player—particularly in the absence of a public listing. Key signals to monitor include the futures’ funding rates, trading volumes, and any news of Anthropic’s own fundraising or IPO plans, which could either validate or challenge the tokenized price.