Anthropic, the AI company behind Claude, is preparing for one of the most anticipated IPOs of 2026. As investors assess its potential valuation ahead of the public listing, traders are also looking at ways to gain exposure to Anthropic’s price movements before its shares begin trading on a stock exchange.
Anthropic filed its public IPO registration with the US Securities and Exchange Commission on 26th October, proposing a Nasdaq listing under the ticker ANT. The company launched its IPO roadshow on 10th November, with an indicative offering price of $70–$78 per share and a public trading debut expected on 19th November. Until the final IPO price is established, market participants continue to form their own views of what Anthropic might be worth.
Why Anthropic is attracting market attention
Anthropic is among the leading developers of advanced AI models, alongside OpenAI and Google. Its rapid revenue growth, rising valuation and substantial investment in computing infrastructure have made it one of the most closely watched companies ahead of its IPO.
Anthropic’s IPO filing with the US Securities and Exchange Commission provides a detailed look at its financial performance. In 2025, customers spending more than $100,000 a year made up 76% of Anthropic’s revenue, and the filing counts more than 11,900 customers at that level. Total revenue was $4.6 billion in 2025. In the first half of 2026 alone it reached $16.3 billion, against $1.2 billion in the same period of 2025, which is roughly 14 times as much. The updated filing, published on 2nd November, adds the third quarter, with almost $17 billion in revenue, about 12 times the same quarter a year earlier. The 2026 figures are unaudited.
That growth helps explain why Anthropic’s funding round in May valued it at $965 billion, and why earlier reports placed potential IPO valuations at around $1.5 trillion to $1.6 trillion, down from initial expectations of about $2 trillion. The proposed November offering terms now indicate a fully diluted valuation of up to approximately $1.4 trillion. These differences highlight how valuations can shift between private funding rounds, pre-IPO expectations and the public offering.
What could move the price next
With the IPO roadshow underway, attention is turning to the final offering price and Anthropic’s expected Nasdaq debut on 19th November. Both will provide important benchmarks for the company’s valuation and could influence expectations in pre-IPO derivatives markets.
Beyond the company’s own news, a listing this big also depends on how the wider market feels about large tech IPOs, particularly as investors weigh rapid AI revenue growth against substantial infrastructure spending and the costs of developing advanced models.
Pre-IPO derivatives can reflect these changing expectations before a company begins trading publicly. Their prices may move sharply as new information becomes available, while the transition to public trading introduces an official share price that may differ significantly from earlier market-implied valuations.
Anthropic’s IPO could provide an important indication of investor appetite for AI companies, particularly given its rapid revenue growth and substantial infrastructure commitments. The final IPO pricing, initial trading performance and broader market sentiment will be important developments to watch.
How crypto traders can get pre-IPO price exposure
Before a company goes public, its shares are generally accessible only through private funding rounds and secondary transactions, with limited opportunities for individual investors to participate. Pre-IPO Crypto Futures offer an alternative way to gain exposure to market expectations without owning the underlying shares.
These perpetual contracts allow traders to take long or short positions based on their outlook for a company’s valuation. They can trade around the clock, including weekends, with prices determined by market activity rather than an official share price.
For Anthropic, this means traders can speculate on its potential valuation ahead of the IPO, as expectations respond to company announcements, financial results and developments in the listing process. Unlike private shares, however, these contracts do not provide ownership or shareholder rights, and their prices may differ substantially from the eventual IPO price.
Trading Anthropic with PrimeXBT
PrimeXBT, a global multi-asset broker and crypto asset service provider, is preparing to launch Pre-IPO Trading as a new category within its Crypto Futures offering, starting with ANTHROPIC/USDT* ahead of Anthropic’s expected Nasdaq debut in November. The new instrument is planned to be available on PrimeXBT’s native PXTrader 2.0 platform, giving traders a way to gain exposure to Anthropic’s market-implied pre-IPO valuation without owning any shares.
ANTHROPIC/USDT will be a USDT-margined perpetual contract, designed for 24/7 trading with the ability to open long or short positions. One contract will represent one notional share, with prices determined through a live order book rather than an official company valuation.
Once Anthropic begins trading publicly, ANTHROPIC/USDT is planned to transition into a standard perpetual Crypto Futures contract linked to the listed stock. If the IPO is cancelled, the contract will be delisted, and open positions may be closed or settled at a reference price, with advance notice to clients. The contract does not convert into actual shares.
The planned launch builds on PrimeXBT’s offering of over 170 Crypto Futures markets, including Tokenized Stock Crypto Futures linked to major technology companies such as Tesla, NVIDIA, SpaceX, Circle and Robinhood. These USDT-quoted derivatives provide exposure to the price movements of listed companies without requiring ownership of the underlying shares.
PrimeXBT’s Crypto Futures offer maker fees of 0.01% and taker fees of 0.045%, flexible leverage, cross and isolated margin options, and advanced risk-management tools. Through PXTrader 2.0, traders can access Crypto Futures alongside CFDs, with account currencies including USD, USDT, USDC, BTC and ETH.
The introduction of Pre-IPO Trading will further expand PrimeXBT’s multi-asset offering, adding exposure to private-company valuations alongside its existing cryptocurrency and stock-linked derivatives.
Trade Crypto Futures with PrimeXBT.
*This instrument does not confer ownership of or any rights in Anthropic shares and is not issued, sponsored or endorsed by Anthropic. Prices are based on an assumed 1 bn shares and may differ materially from any official valuation or IPO price. The instrument may be converted, settled or delisted upon IPO or IPO cancellation, including forced closure of open positions. Funding fees apply.
About PrimeXBT
PrimeXBT is a global multi-asset broker and crypto asset service provider trusted by traders in more than 150 countries. The platform bridges traditional and digital markets within one integrated environment, redefining versatility and innovation in online trading. Clients can access Forex, CFDs on indices, commodities, shares, crypto, and Crypto Futures, as well as buy, store and exchange cryptocurrencies. This unified experience extends across both the native PXTrader 2.0 platform and MetaTrader 5, supported by advanced risk-management tools and a wide range of funding options in crypto, fiat and local payment methods. Since 2018, PrimeXBT has focused on empowering traders through broad multi-asset access, fair and transparent conditions, professional-grade technology and dedicated human support. By combining expertise, trust and a client-first approach, PrimeXBT sets a benchmark of excellence in the financial industry and provides traders with the tools they need to trade, grow and succeed with confidence.
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