Traders using Prestocks on Solana-based DEX aggregator Jupiter have pushed Anthropic’s on-chain implied valuation to $1 trillion, placing the AI company alongside OpenAI and SpaceX in a growing market narrative around trillion-dollar private firms. The move has drawn attention across both crypto and AI investing circles, especially as tokenized exposure to private companies becomes a more visible niche in on-chain markets.
Market pricing has surged far beyond the last official funding round
According to the reported data, the ANTHROPIC token on Prestocks climbed from roughly $122 in October 2025 to more than $1,065 by late April 2026, a gain of about 733% in six months. That price implies a valuation well above Anthropic’s $380 billion post-money valuation from its Series G financing closed in February 2026. That round was led by GIC and Coatue, with participation from Microsoft and Nvidia.
Signals from private share marketplace Forge Global added to the bullish narrative. Forge’s CEO said in late April that Anthropic shares on its platform were trading near a $1 trillion valuation, with some bids reaching $1.15 trillion. By that measure, buyers in secondary-style markets were willing to value Anthropic above some estimates assigned to OpenAI.
Synthetic exposure does not equal real equity ownership
Still, Prestocks tokens are not the same as owning Anthropic stock. The product consists of Solana SPL tokens that claim 1:1 exposure to an SPV structure intended to track private-market shares. Holders bear price exposure, but they do not receive voting rights, dividends, or legal ownership in the company. In practice, traders are buying a synthetic instrument linked to private-market pricing rather than direct equity in Anthropic.
On-chain metrics also highlight structural risk. Reported figures show around 9,000 tokens in circulation, a market cap near $9.59 million, liquidity of only about $933,000, and daily trading volume ranging from $478,000 to $1.7 million. Roughly 3,130 wallets hold the token, while the top 10 wallets control about 50.55% of supply. With shallow liquidity and concentrated ownership, prices can swing sharply. At one point, the token briefly implied a valuation of $1.56 trillion, and it has also traded at discounts of as much as 56% to oracle pricing.
Anthropic has warned that such transfers may be invalid
Anthropic has publicly distanced itself from these instruments. On its support page, the company states that acquisitions of Anthropic shares through unauthorized SPVs are not permitted, and that such transfers may be deemed invalid under its transfer restrictions. It also warns that third parties claiming to sell Anthropic equity through tokenized securities or futures may be engaging in fraud or promoting investments with no real value.
Even so, on-chain pre-IPO trading has not disappeared. Prestocks presents itself as a way to open private-market exposure to a broader audience, though details around the SPV backing are not publicly disclosed, and U.S. participants are generally restricted. For now, the trillion-dollar figure should be viewed less as an official valuation and more as a speculative signal shaped by strong AI revenue expectations, scarcity of private shares, and the unique risks of thinly traded on-chain markets.