Anthropic (Pre-IPO) 

ANTHROPIC Price

What is Anthropic (Pre-IPO)?

Anthropic (Pre-IPO) is the DropsTab ticker for VNTL:ANTHROPIC-USD — a synthetic perpetual futures contract on Hyperliquid that tracks the market-implied valuation of Anthropic PBC, the private AI company behind Claude. The contract is deployed by Ventuals, a Paradigm-incubated protocol using Hyperliquid's HIP-3 builder-deployed perp framework. It is not a tokenized share, not an SPV interest, and not equity. Traders speculate on Anthropic's implied valuation without any underlying stock changing hands. Convention: contract price × $1 billion equals the implied company valuation.

What does Anthropic the company do?

Anthropic PBC is a private AI research company founded in 2021 by Dario Amodei (CEO) and Daniela Amodei (President) — both former OpenAI executives — along with six other ex-OpenAI researchers. Its flagship product is Claude, a frontier large language model, with Claude Code (an agentic coding assistant) and Claude Cowork as additional offerings. Anthropic reached $30B annualized revenue as of April 2026, with eight of the Fortune 10 as customers. The company is a Delaware Public Benefit Corporation governed by an independent Long-Term Benefit Trust that elects the board majority.

Who owns Anthropic?

Anthropic is privately held. Founders Dario and Daniela Amodei retain significant equity, with governance protected by the Long-Term Benefit Trust, which elects the board majority via Class T shares. Amazon is the largest investor at approximately 15–16% with around $8B invested (plus up to $25B committed in May 2026). Google (Alphabet) holds roughly 14%, capped at 15%, with no voting rights or board seats per legal filings. Other backers include GIC, Coatue, Sequoia, Fidelity, and BlackRock-affiliated funds.

Is Anthropic publicly traded?

No. Anthropic is privately held with no stock ticker on any public exchange. The VNTL:ANTHROPIC-USD perpetual on Hyperliquid is a synthetic derivative — it tracks Anthropic's implied valuation but does not represent equity, voting rights, or dividend claims. Pre-IPO secondary markets for actual shares (Forge Global, EquityZen, Hiive) are restricted to accredited investors and subject to Anthropic's transfer-approval requirements. Anthropic has retained Wilson Sonsini for IPO preparation and closed a $30B Series G in February 2026, but no S-1 has been filed.

What is Anthropic's valuation?

Anthropic's last formally confirmed valuation is $380B post-money, set at the $30B Series G closed February 12, 2026 (led by GIC and Coatue). On April 24, 2026, Google committed up to $40B — $10B immediate at a $350B valuation plus $30B contingent on performance milestones. As of mid-May 2026, Anthropic is raising more than $30B at a $900B+ pre-money valuation per WSJ and Bloomberg reporting, positioned as the final private round ahead of a widely expected IPO. For comparison, OpenAI was valued at $852B in March 2026.

Why is Anthropic's pre-IPO price higher than its Series G valuation?

The implied valuation on VNTL:ANTHROPIC-USD has run ahead of Anthropic's last formally confirmed $380B post-money Series G. Per DropsTab VWAP data, the contract sits +73% above its 1-year VWAP (classified as "Overvalued" signal) and +45% above its 3-month VWAP ("Neutral" signal) as of May 2026 — meaning recent price action has outpaced longer-term aggregated trading levels. Three structural drivers: rumored October 2026 IPO timing, the Bloomberg-reported $900B+ new round in talks, and the well-documented IPO-pop dynamic — newly public stocks typically open above their last private round, and the perp prices in that expectation. There is no guarantee the gap converges.

When will Anthropic go public?

No firm date. The Information has reported internal discussions targeting an October 2026 listing. Wilson Sonsini — the firm that handled Google's and LinkedIn's IPOs — is retained as legal counsel. Goldman Sachs, JPMorgan, and Morgan Stanley are in early underwriter talks per Bloomberg. Additional readiness signals: a $5–6B employee tender offer at $350B in February 2026 and capital-markets hires (Andrew Zloto, board member Chris Liddell). An Anthropic spokesperson told Reuters the company "has not decided when or even if" to go public.

How does the Anthropic pre-IPO perpetual work?

The Ventuals oracle blends offchain valuation data with onchain price discovery using the formula P_oracle = (1/3) × P_Notice + (2/3) × EMA_2h(MarkPx). The Notice feed aggregates secondary transactions and private-market estimates, polled at least once per minute. Mark price moves are capped at ±1% per 3-second update to prevent thin-book manipulation. Funding rate uses a multiplier of 1/20 of Hyperliquid's standard formula, lowering basis costs. Maximum leverage is capped at 3x for pre-IPO markets, with the open interest cap raised from $1M to $3M per pair.

How does Anthropic pre-IPO trading differ from PreStocks and Forge?

The vehicles differ structurally. Forge Global, EquityZen, and Hiive facilitate secondary trades of real Anthropic shares — restricted to accredited investors and requiring company-approved transfers. PreStocks issues Solana-based tokens backed by an SPV holding shares — when Anthropic updated its investor warning on May 12, 2026 declaring unauthorized share transfers void, PreStocks Anthropic tokens dropped 34–45% in 24 hours per CoinDesk. VNTL:ANTHROPIC is a synthetic perpetual — no shares, no SPV, no transfer. The crackdown caused a brief ~23% drop on Hyperliquid that recovered within hours.

How can you invest in Anthropic before its IPO?

Per DropsTab, ANTHROPIC trades on Hyperliquid via the VNTL:ANTHROPIC-USD perpetual pair, deployed by Ventuals through Hyperliquid's HIP-3 framework. Hyperliquid is the dominant venue for this synthetic perp, with trailing 30-day volume of $21.09M as of May 2026 per DropsTab data — thin liquidity by perpetual-market standards, meaning market orders above a few hundred thousand dollars can cause meaningful slippage. Maximum leverage is capped at 3x. Accredited investors can alternatively access real Anthropic shares via Forge Global, EquityZen, or Hiive, subject to Anthropic's transfer-approval requirements.