Crypto derivatives traders have pushed Binance's ANTHROPIC Pre-IPO contract to levels implying an Anthropic valuation of about $1.802 trillion, based on the exchange's 1-billion-share reference count. Market data cited on August 16 showed the pair up 8.47% over 24 hours to $1,802, with 24-hour trading volume of $19.57 million and gains of more than 21% over four days. That places the contract closer to the nearly $2 trillion valuation some Anthropic investors told the Financial Times could be supported at a potential IPO, leaving roughly 11% theoretical upside versus that benchmark. The investor case centers on revenue growth: Anthropic said in May that annualized revenue had exceeded $47 billion, and some investors expect that figure could reach $100 billion to $120 billion by year-end, while one investor used a 30-times-revenue framework to argue for a $3 trillion valuation. Those figures, however, are investor projections, and several investors said Anthropic executives have not yet settled even privately on an IPO valuation target. The instrument remains a pre-IPO perpetual derivative rather than equity in Anthropic, so its price functions as a tradable gauge of sentiment rather than an authoritative valuation of the Claude developer.