BlockBeats News, September 9 - According to TradingBeats monitoring, Anthropic has not yet gone public, but on-chain data has already assigned it a valuation sufficient to break IPO records: $2.27 trillion. This valuation not only exceeds SpaceX's approximately $1.77 trillion at the time of its IPO, but would also place Anthropic directly among the top six U.S. companies by market capitalization.

The real "moment of truth" for the on-chain valuation may come within the next few weeks: Anthropic is expected to publicly release its IPO filing in late September, followed by institutional roadshows and the pricing phase. The market currently leans toward an IPO launch window in mid-October.

The Anthropic valuation contract ANTH deployed by Entropy is quoted at $2,269.6. Over the past 7 days, ANTH has risen approximately 15.6%, corresponding to an increase in on-chain implied valuation from about $1.96 trillion to $2.27 trillion, adding roughly $300 billion within just a few days.

Based on market capitalizations of major U.S. listed companies as of September 8, if Anthropic were to go public at this valuation right now, it would rank below Nvidia, Apple, Alphabet, Microsoft, and Amazon, but above SpaceX at approximately $1.97 trillion, Broadcom at $1.70 trillion, Meta at $1.57 trillion, and Tesla at $1.40 trillion—effectively placing it directly among the top six U.S. companies by market cap.

On-chain large-capital flows show that the top three key ANTH long positions currently hold a combined position of approximately $9.86 million, with unrealized gains of around $1.1 million. Among them, the largest bull (0x9a80), who previously profited significantly during CXMT's IPO, has once again positioned in ANTH, with a single position valued at approximately $6.93 million, accounting for about 26.6% of ANTH's total market OI. The other two million-dollar-level bulls have also maintained and expanded their positions. Currently, none of these three major players have shown plans for concentrated profit-taking.

If Anthropic ultimately completes its IPO at the current on-chain implied valuation of approximately $2.27 trillion, it would surpass SpaceX's IPO valuation record of about $1.77 trillion, becoming the highest-valued IPO in history.

Data shows that on Polymarket's market for "Which company will have the best AI model by the end of September," Anthropic's probability remains as high as approximately 88.5%, while OpenAI stands at only about 9.25%. However, this probability has not continued to rise significantly in tandem with ANTH's recent gains.

The Financial Times reported that Anthropic is advancing core underwriting arrangements with Morgan Stanley, Goldman Sachs, and others, with a potential IPO valuation of around $2 trillion. If it ultimately reaches this level, the report suggests it could surpass SpaceX's previous listing valuation of approximately $1.78 trillion, becoming the largest IPO by offering valuation. The listing window currently points more toward October, and $2 trillion remains a potential valuation, not the final offering price.

As reported yesterday, FT previously cited multiple investors/supporters of Anthropic, with market expectations that the IPO valuation could reach $2 trillion or higher. The "bull case" that primary institutions are actually trading around has roughly moved from near $1 trillion to near $2 trillion.

$2.27 trillion — how much expectation has already been priced in on-chain?

ANTH's current on-chain valuation is already about 13.5% higher than this $2 trillion IPO scenario. Compared to earlier funding prices, Anthropic's most recently disclosed funding valuation stands at approximately $965 billion, meaning the current on-chain valuation is already about 135% higher.

By comparison, OpenAI's previous funding valuation was approximately $852 billion, while OAI's current implied valuation is around $1.67 trillion, a premium of roughly 96%.

Key addresses:

0x9a80d88c21be60e870d07d852390e92d09223cf2

0x803d77ff0fc1a2be003e74e04b6bec99dc8178f0

0xbac617baae57134be31c2c0206ab30ef9e3f71cb