Is Anthropic Valued at $1 Trillion on-Chain? Equity Tokens on Jupiter May Be Just an Illusion

Author: Etan Hunt

Translated and edited by TechFlow

TechFlow Intro: Anthropic has been “valued” at $1 trillion on Jupiter, Solana’s leading DEX. Bloomberg and Yahoo Finance have both reported the story. Yet the PreStocks token behind this figure has a liquidity pool of just $942,000; its top ten holders control over half the supply; and its creator retains authority to freeze transfers and mint new tokens. Anthropic’s official statement explicitly disavows such tokenized securities. The real Anthropic story is genuinely astonishing—but it needs no thinly traded Solana DEX token to prove it.

This headline is everywhere: “Anthropic hits $1 trillion implied valuation on Jupiter,” Solana’s top decentralized exchange. The Kobeissi Letter tweeted it; BeInCrypto wrote a feature; Yahoo Finance republished it; Bloomberg followed suit. The AI company behind Claude has just become only the third privately held company in history to cross the $1 trillion valuation threshold—joining OpenAI and SpaceX.

But none of these reports mention one critical fact.

The token generating this headline has a liquidity pool of just $942,000—not $942 million, but $942,000. The entire tradable capital pool backing the valuation of the world’s most coveted private company is less than the listing price of a two-bedroom apartment in San Francisco.

Caption: Anthropic’s $1 trillion valuation page on Jupiter. Source: Jupiter

There are 3,140 wallets holding this token. The top ten addresses control 50.55% of the total supply. The token has Freeze Authority enabled, meaning its creator can freeze transfers at any time. Mint Authority is also active, allowing unlimited new token issuance. Solflare’s built-in risk scanner has already issued a warning for this token. It remains unverified on Solana’s official token registry.

Caption: Solflare’s risk overview for the Anthropic PreStocks token. Source: Solflare

This is the instrument producing the $1 trillion figure.

How a $9.59 million market-cap token yields a $1 trillion valuation

The arithmetic is correct—but the conclusion is misleading.

Anthropic’s total outstanding shares are estimated between 950 million and 1 billion. At its peak trading price on Jupiter, the ANTHROPIC PreStocks token reached approximately $1,065. Multiplying that price by the theoretical total share count yields an implied valuation of roughly $1 trillion.

That’s how the math works. But it also means a token with a mere $9.59 million market cap is propping up a $1 trillion headline. The actual number of tokens traded on Jupiter represents an infinitesimal fraction of Anthropic’s theoretical total shares. This implied valuation extrapolates an extremely illiquid price onto shares that are not—and never will be—traded on this market.

According to Bitcoin News, the token’s implied valuation briefly spiked to $1.56 trillion before retreating. At another point, it traded at a 56% discount to its oracle price. Its daily trading volume ranged between $478,000 and $1.7 million. These characteristics do not reflect a market delivering reliable price discovery for the world’s most valuable private company—they reflect a thinly traded, highly concentrated, permissioned speculative instrument.

What Anthropic says officially

Anthropic has not stayed silent. Its official support page states clearly: “Anthropic does not permit SPVs to purchase Anthropic stock. Any such transfer is invalid under Anthropic’s stock transfer restrictions.” Anthropic warns that third parties claiming to sell its shares via tokenized securities or forward contracts are either engaged in fraud—or selling investments that may hold no legal value.

This warning has been publicly available since summer 2025. Yet it failed to stop Prestocks from continuing operations, failed to prevent The Kobeissi Letter from tweeting celebratory coverage of the “$1 trillion milestone” without prominent disclaimers, and failed to deter dozens of media outlets from republishing the headline.

Prestocks describes its product as “bringing private markets to the public,” emphasizing 1:1 SPV backing—while keeping SPV details confidential. U.S. persons are barred from participation. The instrument offers only price exposure—no voting rights, no dividends, no legal ownership of Anthropic shares, and no guarantee that the SPV actually holds the assets it claims to hold.

The real Anthropic story is already extraordinary

None of the above diminishes Anthropic’s stature as an exceptional company—it truly is.

Its revenue growth alone is staggering. Annualized operating revenue stood at $9 billion at the end of 2025, climbed to $14 billion by February 2026, and exceeded $30 billion by late March–early April. That’s a 233% quarterly increase—driven by enterprise adoption of Claude Code and API products. Google has committed up to $40 billion in investment; Amazon pledged $25 billion. Its Series G round closed in February at a $380 billion post-money valuation.

Forge Global—a compliant, regulated private equity trading platform—has priced Anthropic near $1 trillion, with some bids reaching $1.15 trillion. Hiive, another regulated secondary marketplace, priced it at $85.1 billion. These platforms trade actual shares held by real owners, backed by enforceable legal frameworks. These figures carry real meaning.

Goldman Sachs and JPMorgan model IPO valuations for Anthropic between $400 billion and $500 billion. Kalshi’s prediction market assigns a 59% probability to an Anthropic IPO before January 2027. Even an IPO at the lower end of that range would rank among the largest in history.

The true Anthropic story requires no $9.59 million token on a Solana DEX for validation. Revenue growth is the story. Enterprise adoption is the story. Google’s and Amazon’s massive commitments are the story.

What truly matters for the crypto industry

Beneath all the noise lies one genuinely significant development.

A 24/7, non-accredited-investor-restricted Solana DEX is delivering real-time price discovery for a private company whose valuation in traditional finance relies solely on quarterly 409A appraisals and tightly restricted secondary transactions. Podcast host Aakash Gupta observed that pricing for the same private company on a Solana DEX versus a regulated U.S. secondary market differs by less than 18%—a fundamental shift in pre-IPO price discovery.

That observation is both accurate and important. The infrastructure enabling democratized access to private company exposure is real—and it is being built on Solana. The problem is that this specific implementation features a $942,000 liquidity pool, governance permissions that would raise red flags for any serious risk assessment, and explicit rejection by the company itself.

The $1 trillion figure is a mathematical artifact of thin liquidity—not a measure of Anthropic’s actual value. Its proliferation across headlines—without context or clarification—reveals less about Anthropic’s valuation than about how financial media handles big numbers.

Before reading the headline, check the token page.