Crypto perpetual contracts implied a $2.12 trillion valuation for Anthropic on Sept. 9, more than twice the $965 billion value assigned after the company’s $65 billion Series H round closed on May 28. Binance’s ANTHROPIC/USDT contract traded near $2,120, calculated using an assumed 1 billion shares outstanding. The USDT-settled derivatives do not represent Anthropic stock or ownership, and similar contracts on Bitget, Kraken, BingX, Aster and Coinbase International traded in a comparable range. OKX uses a 10 billion-share assumption, producing a lower unit price but a similar company valuation. Anthropic has no public stock, has not filed for a public IPO and has warned that unauthorized structures, including special-purpose vehicles, tokenized securities and forward contracts, could leave investors with nothing. A Prestocks ANTHROPIC token on Solana implied a valuation of about $1.59 trillion on Sept. 9. Anthropic’s annualized revenue run-rate rose from nearly $47 billion at the Series H close to about $65 billion by late July, while bankers and investors have discussed a potential listing valued between $1.5 trillion and $2 trillion. OpenAI pre-IPO contracts implied about $1.58 trillion on the same day. Binance says it will adjust its contract if an eventual S-1 shows a share count at least 3% different from its estimate, but the $2.12 trillion figure remains a crypto-market indication rather than a company-confirmed valuation.