Long.xyz, a token launch platform on Robinhood Chain, announced at 7:29 a.m. Taiwan time on Sept. 12 that pre-IPO pairs had gone live, starting with OpenAI and Anthropic. The products are powered by perpetual contracts on Lighter. Twenty-six minutes later, a meme coin called ANTHROPIG opened a pool on the same chain, using the newly launched Anthropic 1x long token, ANTHROPICx1L, as its paired asset.
The token debuted with a market cap of $554,000. Roughly an hour and a half later, shortly after 9:20 a.m., that figure reached $4.246 million. By 10:23 a.m., it had pulled back to $1.916 million, down 23.82% over the previous hour.
ANTHROPIG is a mashup of Anthropic and PIG. Anthropic itself was not involved. BlockTempo said meme coin trading on Robinhood Chain over the past two weeks has repeatedly latched onto tokenized U.S. equities, with NVDA, Snap and Micron all used as pool assets before attention shifted to companies that are still private.
The paired asset was a long token, not equity
Long.xyz’s model pairs newly issued tokens with tokenized stock exposure rather than ETH or stablecoins. In this case, ANTHROPICx1L is not a stock token. Anthropic is still private, so there is no listed stock available for tokenization.
Instead, the token represents a perpetual futures position. On Sept. 1, Long.xyz launched LongX, which wraps leveraged positions from the perpetual exchange Lighter into ERC-20 tokens that can be minted and redeemed. The first product was a 3x long NVDA token. The same structure has now been extended to the pre-IPO market with 1x long tokens for Anthropic and OpenAI.
On-chain data cited by BlockTempo showed that ANTHROPICx1L had a total supply of 451,819 tokens, each priced at $1.013, for a total on-chain value of about $458,000. ANTHROPIG’s peak market cap of $4.246 million was about 9.3 times the size of the asset sitting underneath its own pool.
The market below that layer was also thin. Lighter’s Anthropic perpetual recorded $193,000 in trading volume over the past 24 hours across 757 trades, with open interest at 859 units. BlockTempo said the two ANTHROPIG contracts together turned over $4.53 million in a day, about 23 times the daily volume of the underlying perp market. Long.xyz also described the pre-IPO pairs as experimental and said they use a customized liquidity design with lower depth.
A second ANTHROPIG appeared 43 minutes later
Forty-three minutes after the first ANTHROPIG launched, a second contract with the same name appeared on-chain. This one was created on Uniswap v2 and paired with WETH rather than a stock token or pre-IPO token, placing it outside Long.xyz’s issuance model.
According to BlockTempo, the token’s X account was registered at 8:57 a.m. that morning. It had six followers, and its bio read: 「Anthropig = Anthropic」 plus a contract address.
The two tokens then moved in opposite directions. The original ANTHROPIG stood at a $1.916 million market cap, down 23.82% over the past hour, with 10,500 sell orders against 5,596 buy orders over 24 hours. The later token reached a $4.459 million market cap, up 236% over the past hour, with 3,822 buys against 1,051 sells. That was enough to push it above the original token’s earlier peak of $4.246 million.
BlockTempo said later inflows chose the contract that had no connection to Long.xyz.
Long.xyz had only rolled out a new version of its token factory on Sept. 11. The update added permanent ticker locks for selected assets, aimed at blocking duplicate names and automated batch issuance inside the platform. That protection does not extend beyond the platform itself, so the second ANTHROPIG pool that appeared directly on Uniswap 43 minutes later was outside its scope.
Liquidity in the original token was also widely scattered. ANTHROPIG was spread across 28 pools on-chain, and 26 of them held less than $5,000 in liquidity. Most of the depth sat in the main pool, which held $1.298 million.
Trading around an IPO that has not happened
Anthropic’s latest public valuation came from its H-4 round on May 28, at $965 billion. CoinGecko said on Sept. 1 that implied valuations across Anthropic pre-IPO perpetuals on 19 venues ranged from $1.88 trillion to $1.99 trillion, with an average of $1.94 trillion, a 100.5% premium to the previous round.
For OpenAI, the valuation cited was $852 billion, with a 42.5% premium.
BlockTempo said one reason those premiums have not closed is the lack of a spot market for arbitrage. In standard crypto perpetual markets, traders can counter a large divergence through spot trades. Private company equity cannot be readily bought or borrowed, so that mechanism does not exist here. Of the 183 private companies tracked by CoinGecko, only Anthropic and OpenAI have perpetual contracts.
The IPO timeline itself has also slipped. Reuters reported in early September that Anthropic’s filing had been pushed to late September, that investor marketing could start as early as mid-October, and that the company was targeting a listing in the days before the U.S. midterm elections in November. Reuters also said Anthropic was discussing a $15 billion revolving credit facility with Morgan Stanley, Goldman Sachs, JPMorgan and Citi involved.
Key token details
What is ANTHROPICx1L?
ANTHROPICx1L is an ERC-20 token created by Long.xyz by wrapping a 1x long Anthropic position on Lighter. It supports minting and redemption. On-chain supply stands at 451,819 tokens at $1.013 each, for a total value of about $458,000. The product is labeled experimental by the platform.
Is ANTHROPIG connected to Anthropic?
No. ANTHROPIG is a meme coin name formed by combining Anthropic and PIG, and Anthropic did not take part in the issuance. Two separate ANTHROPIG contracts are now on-chain: one paired with ANTHROPICx1L and another paired with WETH. The latter reached a $4.459 million market cap, above the original token’s intraday high.