Tokenized Anthropic shares imply $851B market cap

Tokenized pre-IPO Anthropic shares trading on the Solana-based DEX aggregator Jupiter reached about $900 on April 14, implying an $851 billion market capitalization. The synthetic tokens were issued through PreStocks and rose from roughly $122 per share in October 2025 to the April price.

The PreStocks tokens are structured instruments backed 1:1 by special purpose vehicle exposure to Anthropic shares. Holders gain price exposure but do not receive voting rights, dividends or legal ownership of the company.

The on-chain price on Jupiter closely matched secondary trading on a major pre-IPO marketplace, where shares traded above $849 on April 14. The gap between the on-chain price and Anthropic’s last formal funding valuation reflects different pricing in secondary markets.

Anthropic closed a $30 billion Series G round in February 2026 at a $380 billion post-money valuation. Anthropic posted on its official account: “We’ve raised $30B in funding at a $380B post-money valuation. This investment will help us deepen our research, continue to innovate in products, and ensure we have the resources to power our infrastructure expansion as we make Claude available everywhere our customers are.”

Company officials and advisers are reported to be in discussions about a potential Q4 2026 initial public offering that could raise more than $60 billion, with banks including Goldman Sachs and JPMorgan Chase competing for underwriting roles.

Other large private technology companies are also taking steps toward public markets. SpaceX filed confidentially with the Securities and Exchange Commission in early April, targeting a valuation above $1.7 trillion. OpenAI is reportedly preparing for a listing at roughly $1 trillion. Combined, those potential debuts could introduce more than $3 trillion in new market capitalization.

Pre-IPO platforms such as PreStocks and major pre-IPO marketplaces allow retail and institutional traders to take positions on private-company equity exposure before a listing. Those instruments trade independently of formal public markets and can diverge from official private valuations set during funding rounds.

Market participants monitor secondary prices and pre-IPO listings for information ahead of any public offering. Holders of tokenized shares accept that the instruments represent exposure to SPV holdings rather than direct ownership in Anthropic.