The AI arms race just produced a staggering valuation milestone. The Kobeissi Letter, a widely followed finance analysis account, revealed that on-chain pre-market trading data from Jupiter — a decentralized exchange on Solana — now implies a $1.2 trillion pre-IPO valuation for Anthropic.
That number marks an extraordinary run: a 20% jump in just seven days and a 900% surge since October 2025. Anthropic's implied valuation now sits roughly 20% higher than that of its rival OpenAI, the maker of ChatGPT. If Anthropic goes public at that level, it would instantly become the 11th most valuable listed company globally, per The Kobeissi Letter.
Chain Data Becomes a Real-Time Thermometer for Traditional Finance
The source of this estimate is unconventional. It comes from Jupiter's on-chain pre-market tools, where special purpose vehicles (SPVs) back tokenized shares of private companies with 1:1 exposure to real assets. That setup lets traders price IPO expectations on-chain, bypassing the information bottlenecks of Wall Street.
"The AI revolution is accelerating," the account wrote. As Anthropic barrels toward a trillion-dollar IPO, the fusion of AI and Web3 infrastructure is giving investors a new lens on private market valuations.