A Solana-based token that promises pre-IPO exposure to Anthropic is trading above $1,000, weeks before the Claude maker is expected to begin its IPO roadshow. Anthropic, which was valued at $
A Solana-based token that promises pre-IPO exposure to Anthropic is trading above $1,000, weeks before the Claude maker is expected to begin its IPO roadshow. Anthropic, which was valued at $380 billion in a February funding round, is moving toward a public listing that could rank among the largest tech IPOs on record, according to TheStreet's reporting on the offering.
The token, called ANTHROPIC and issued by tokenization platform PreStocks, traded at $1,006.84 at the time of writing, up 6.9% over 24 hours, according to CoinGecko. It is up from an all-time low of $186.84 in September 2025 but remains below its all-time high of $1,409.20 set on May 11, CoinGecko data shows. CoinMarketCap puts the circulating supply at roughly 7,380 tokens across about 8,800 wallets, a market cap near $7.4 million.
PreStocks, which launched in August 2025, sells tokens it says offer pre-IPO exposure to private companies including Anthropic, SpaceX and OpenAI, according to DL News. The platform says the tokens are "1:1 backed by SPV exposure to the underlying company shares," referring to special purpose vehicles that acquire shares or share exposure through secondary markets.
Related: Billionaire makes bold prediction about the future of IPOs
Anthropic has directly rejected the structure behind such tokens. In a May 11 update to its investor warning page, the company said:
"Any sale or transfer of Anthropic stock, or any interest in Anthropic stock, that has not been approved by our Board of Directors is void and will not be recognized on our books and records."
The notice named special purpose vehicles, forward contracts and tokenized securities as offending structures and listed unauthorized intermediaries by name, including Forge, Hiive, Open Door Partners, Sydecar, Upmarket, Lionheart Ventures, Pachamama and Unicorns Exchange, according to Protos.
Crypto attorney Gabriel Shapiro said Anthropic chose the most aggressive language available under Delaware corporate law, telling crypto.news that treating the transfers as void, rather than voidable, strips secondary buyers of equitable defenses.
The token fell 34% in the hours after the notice, according to reporting at the time.
DL News documented one trader up almost $1.5 million on paper after accumulating 2,593 ANTHROPIC tokens, 31% of the entire supply at the time. Simulated sell orders through major Solana exchange aggregators showed the best available exit was roughly 950 tokens at a 34% discount to the quoted price, and no venue could absorb the full position, the outlet reported.
On-chain data in May showed PreStocks held about $333,000 in stablecoins and $18,000 in SOL against its Anthropic-linked tokens, at a moment when on-chain markets were implying an Anthropic valuation above $1.3 trillion, according to the same report.
Related: Roundtable 100 analysts move PayPal up 56 spots in new power ranking
PreStocks says investors can request redemptions directly, but the process carries costs, requires know-your-customer checks and depends on the platform's ability to liquidate the underlying positions, according to DL News. The platform has promised third-party attestation reports on its backing since launch; a spokesperson told DL News in April the reports were "a work in progress," and none have been published.
Anthropic's February Series G valued the company at $380 billion, or roughly $259 to $346 per share. The PreStocks token traded at $911 on the day DL News ran its simulations and trades above $1,000 today, according to CoinGecko.
Binance founder Changpeng "CZ" Zhao predicted this week that IPOs will eventually move entirely on-chain, arguing tokenized offerings give companies 24-hour liquidity, DeFi interoperability and direct access to global retail capital, U.Today reported. He pointed to a real-world-asset market now worth $33.6 billion, of which tokenized stocks and ETFs account for about $3 billion.
Binance's ANTHROPICUSDT perpetual futures contract traded at 2,012.50 USDT this week with $21.1 million in daily volume, having recovered from a July slide to 1,300, according to DigitalToday.
On Hyperliquid, the ANTH-USDC contract traded at $2,157.30, up 7.78% in 24 hours, with $22.5 million in open interest and $15.9 million in daily turnover. Combined, the two venues imply traders are pricing Anthropic near $2 trillion, more than five times the February funding round.
Both exchanges describe these as purely synthetic contracts based on price expectations, with no voting rights and no link to the issuer, settling automatically at the actual opening price on listing day. In May, traders on Hyperliquid's Ventuals platform paid annualized funding rates as high as 8,700% to stay long, according to DigitalToday.
For the derivatives contracts, trading stops at the listing and contracts settle against the real opening price, according to the exchanges' terms.
For the roughly 8,800 wallets holding the PreStocks token, redemptions depend on the platform's know-your-customer process and its ability to liquidate SPV positions, and no third-party attestation of the backing has been published, according to DL News.
Anthropic has warned that unapproved equity transfers may violate U.S. securities laws, according to Protos.
Related: Canaan' revenue craters 68% as Bitcoin holdings hit record
