Anthropic’s Tokenized Shares on Jupiter Imply $850 Billion Valuation

Tokenized pre-IPO Anthropic shares trading on Jupiter now imply a market capitalization of $851 billion, more than double the company’s last official funding valuation.

The synthetic tokens, launched via PreStocks on the Solana-based DEX aggregator, climbed from roughly $122 per share in October 2025 to approximately $900 by April 14, 2026.

Secondary Markets Price Anthropic Far Above Its Last Funding Round

Anthropic closed a $30 billion Series G round in February 2026 at a $380 billion post-money valuation. The gap between that figure and the $851 billion implied on Jupiter reflects aggressive investor positioning ahead of a potential IPO.

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.

— Anthropic (@AnthropicAI) February 12, 2026

Traditional secondary platforms echo the trend. Shares on Hiive, a major pre-IPO marketplace, traded above $849 on April 14, closely matching the on-chain price.

Anthropic Stock in Pre-IPO Marketplace. Source: Hive

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The PreStocks tokens are structured instruments backed 1:1 by SPV exposure to actual Anthropic shares.

The IPO market is about to make history:

Anthropic’s pre-IPO stock, one of the most anticipated IPOs of all time, now has an implied market cap of $851 billion on Jupiter.

In October 2025, the value of a share of Anthropic’s pre-IPO stock on Jupiter was as low as ~$122.

Just 7… pic.twitter.com/3f36wxQOcf

— The Kobeissi Letter (@KobeissiLetter) April 14, 2026

Holders gain price exposure but receive no voting rights, dividends, or legal ownership in the company, much like how it happens for Bitget is doing with SpaceX pre-IPO.

AI IPO Wave Looms Over Public Markets

Anthropic is reportedly in discussions for a Q4 2026 listing that could raise over $60 billion. Goldman Sachs and JPMorgan Chase are among the banks competing for underwriting roles.

It is not the only AI giant approaching public markets. SpaceX filed confidentially with the SEC in early April, targeting a valuation above $1.7 trillion. OpenAI is also preparing a listing at roughly $1 trillion.

Combined, these three debuts could introduce more than $3 trillion in new market capitalization, a volume that would dwarf total US IPO proceeds over the past decade.