Is Anthropic valued at a trillion dollars on the blockchain? The equity tokens on Jupiter might just be an illusion

Author: Etan Hunt

Compiled by: Deep Tide TechFlow

Deep Tide Brief: Anthropic has been “valued” at $1 trillion on Jupiter, and Bloomberg and Yahoo Finance have rushed to report it. But the PreStocks token that creates this figure has a liquidity pool of only $940k, the top ten holdings control more than half of the supply, and the token creators retain the permissions to freeze and mint additional tokens. Anthropic’s official statement has long said it does not recognize such tokenized securities. The real Anthropic story is indeed astonishing—but it doesn’t need a thin-liquidity token on a Solana DEX to prove it.

This headline is everywhere. Anthropic secured an implied $1 trillion valuation on Jupiter, a leading DEX on Solana. The Kobeissi Letter posted on X, BeInCrypto wrote an article, Yahoo Finance reposted it, and Bloomberg followed suit. The AI company behind Claude has just become the third private company in history to cross the $1 trillion threshold, alongside OpenAI and SpaceX.

But none of these reports mention one thing.

The token that manufactured this headline has only $942k in its liquidity pool. Not $942 million—$942k. The entire tradable fund pool backing the valuation of the most sought-after private company worldwide is less than the asking price of a two-bedroom apartment in San Francisco.

Caption: The $1 trillion valuation page for Anthropic on Jupiter; source: Jupiter

The wallets holding this token total 3,140. The top ten addresses control 50.55% of the supply. The token has enabled Freeze Authority, meaning the creator can freeze trades at any time. Mint Authority is also turned on, so new tokens can be minted freely. Solflare’s built-in risk scanner has already issued a warning about this token. The token is unverified on Solana’s token registry.

Caption: Risk overview of the Anthropic PreStocks token on Solflare; source: Solflare

These are the tools used to produce a $1 trillion number.

How a $9 million market-cap token can be used to calculate a $1 trillion valuation

The math is correct, but the conclusion is misleading.

Anthropic’s total circulating shares are approximately between 950 million and 1 billion. The peak trading price of the ANTHROPIC PreStocks token on Jupiter was about $1,065. Multiply the token price by the theoretical total number of shares, and you get an implied valuation of around $1 trillion.

That’s how the calculation works. But it also means that a token with a market cap of only $9.59 million is supporting a headline at the trillion-dollar level. The tokens actually trading on Jupiter represent only a tiny fraction of Anthropic’s theoretical total shares. This implied valuation extrapolates a price from an extremely illiquid market onto shares that are fundamentally not being sold in this market.

According to Bitcoin News, at one point the token’s implied valuation reached $1.56 trillion before the price fell back. In another period, it traded at a 56% discount below the oracle’s marked price. Average daily trading volume ranges from $478k to $1.7 million. These characteristics do not belong to a market that provides reliable price discovery for the world’s most valuable private company. They belong to a thin, liquidity-scarce speculative pool with concentrated holdings and fully enabled management permissions.

What does Anthropic say officially?

Anthropic has not stayed silent. Its official support page clearly states that the company does not allow SPV purchases of Anthropic stock, and that any such transfer is invalid under the company’s equity transfer restriction terms. Anthropic warns that third parties claiming to sell its shares via tokenized securities or forward contracts are either engaging in fraud or selling investments that may have no legal value.

This warning has been publicly available since at least the summer of 2025. But it has not stopped Prestocks from continuing to operate, has not stopped The Kobeissi Letter from tweeting to celebrate the trillion-dollar milestone without clearly labeling disclaimers, and has not stopped dozens of media outlets from reposting this headline.

Prestocks describes its product as “bringing private markets to the masses,” emphasizing 1:1 SPV support—but the details of the SPV are kept confidential. Americans are restricted from participating. This tool only provides price exposure; it does not provide voting rights, does not pay dividends, does not provide legal ownership of Anthropic stock, and cannot guarantee that the SPV actually holds the assets it claims to hold.

The real Anthropic story is already astonishing enough

None of the above means Anthropic isn’t an incredible company. It is.

Revenue growth figures alone are shocking. By the end of 2025, annualized operating revenue will reach $9 billion, and by February 2026 it will reach $14 billion; by the end of March and the beginning of April, it will already exceed $30 billion. Growth of 233% within one quarter, driven by enterprise adoption of Claude Code and API products. Google’s investment cap is $40 billion, and Amazon has committed $25 billion. In February, the Series G financing was completed with a post-money valuation of $380 billion.

Forge Global is a compliant private equity trading platform with a real regulatory framework. They priced Anthropic at nearly $1 trillion, with some bids reaching $1.15 trillion. Hiive, another compliant secondary trading platform, priced it at $851 billion. The platforms trade real shares held by real holders, within a real legal framework. Those numbers have meaning.

Goldman Sachs and JPMorgan’s IPO valuation modeling ranges between $400 billion and $500 billion. Kalshi’s prediction market estimates a 59% probability of Anthropic going public before January 2027. Even if the IPO lands at $500 billion, it would still be one of the largest IPOs in history.

The true story of Anthropic doesn’t need a $9 million token on a Solana DEX to prop it up. Revenue growth is the story; enterprise adoption is the story; and Google and Amazon’s huge bets are the story.

The part of the crypto industry that truly matters

Beneath all the noise, there is something genuinely worth paying attention to.

A Solana DEX that operates 7×24 and does not require accredited investor verification is providing real-time price discovery for a private company that, in traditional finance, can only be valued through quarterly 409A assessments and restricted secondary trading. Podcast host Aakash Gupta pointed out that the price difference between a Solana DEX and a regulated U.S. secondary market for the same private company is less than 18%, which he believes represents a fundamental shift in pre-IPO price discovery.

This observation is accurate and significant. The infrastructure that democratizes exposure to private companies is real—and it is being built on Solana. The issue is that this specific implementation has a liquidity pool of only $942k, with management permissions that would raise alarms in any serious risk-management assessment, and the company itself has already explicitly denied that this tool is valid.

The $1 trillion figure is the product of thin-liquidity market mathematics, not a measure of Anthropic’s actual value. It manufactures headlines without any additional context. The fact that it can create so many headlines in the first place reveals, more than anything, how financial media handle big numbers rather than reflecting Anthropic’s valuation.

Before chasing headlines, check the token page.

LAYOUT REFERENCE (source): total_lines=63, non_empty_lines=32, blank_lines=31