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

A new frontier has opened in the market for private company stakes. Anthropic, the AI research firm, is now trading in a tokenized market through perpetual futures, a derivative instrument that lets traders speculate on an asset's price without an expiry date. The headline takeaway: this market is currently pricing Anthropic at roughly the $2 trillion mark.

The development matters because it introduces real-time price discovery for a company that traditionally changes hands only through discrete, opaque private fundraising rounds. While not all fund managers are convinced by the $2 trillion figure, the perpetual futures market captures sentiment from a broader pool of participants, not just venture investors. The result is a continuous, liquid benchmark for Anthropic's perceived value—something that simply did not exist for this closely held firm before.

For now, the central watchpoint is the gap between the tokenized market's pricing and the valuations established in private funding rounds. Divergence between the two could signal shifting sentiment, or simply reflect the differing liquidity profiles of each venue. This new market does not change Anthropic's underlying fundamentals, but it gives investors a highly fluid lens through which to observe the company's trajectory in real time.