Author: Etan Hunt

Translation: Shenchao TechFlow

Introduction by Shenchao: Anthropic was "valued" at one trillion dollars on Jupiter, with Bloomberg and Yahoo Finance following up with reports. However, the PreStocks token that made this number has a liquidity pool of only $942,000, the top ten holdings control more than half of the supply, and the token creators retain freezing and minting rights. Anthropic has officially stated that it does not recognize such tokenized securities. The real story of Anthropic is indeed amazing, but it does not require a thin liquidity token on a Solana DEX to prove it.

This headline is everywhere. Anthropic received a trillion-dollar implied valuation on the leading Solana DEX, Jupiter. The Kobeissi Letter tweeted about it, BeInCrypto wrote an article, Yahoo Finance shared it, and Bloomberg followed suit. This AI company behind Claude has just become the third private company in history to cross the trillion-dollar threshold, joining OpenAI and SpaceX.

But these reports did not mention one thing.

The token responsible for this headline has only $942,000 in its liquidity pool. Not $942 million, but $942,000. The entire tradable fund pool backing the valuation of the world's most coveted private company is less than the listing price of a two-bedroom apartment in San Francisco.

Caption: The trillion-dollar valuation page of Anthropic on Jupiter, source:Jupiter

There are a total of 3,140 wallets holding this token. The top ten addresses control 50.55% of the supply. The token has enabled Freeze Authority, meaning the creators can freeze trading at any time. Mint Authority is also active, allowing for the arbitrary minting of new tokens. Solflare's built-in risk scanner has already issued warnings about this token. The token is unverified on Solana's token registry.

Caption: Solflare's risk overview of the Anthropic PreStocks token, source:Solflare

This is the tool that produces the trillion-dollar figure.

How a $9.59 million market cap token calculates a trillion-dollar valuation

The arithmetic is correct, but the conclusion is misleading.

The total circulating shares of Anthropic are approximately between 950 million and 1 billion. The peak trading price of the ANTHROPIC Prestocks token on Jupiter was about $1,065. By multiplying the token price by the theoretical total number of shares, an implied valuation of about $1 trillion is obtained.

This is how the calculation is done. But it also means that a token with a total market cap of $9.59 million props up a trillion-dollar headline. The tokens traded on Jupiter represent only a tiny fraction of Anthropic's theoretical total shares. This implied valuation extrapolates a price from an extremely illiquid market to shares that are not even for sale in this market.

According to Bitcoin News, the token once implied a valuation of $1.56 trillion, then the price fell back. At another point, it traded at a discount of 56% below the oracle marked price. Daily trading volume ranged between $478,000 and $1.7 million. These characteristics do not belong to a market that provides reliable price discovery for the most valuable private company in the world, but rather a thin liquidity speculation platform with concentrated holdings and full management authority.

What Anthropic says officially

Anthropic has not stayed silent. Their official support page clearly states: the company does not allow SPVs to purchase Anthropic stock, and any such transfer is invalid under the company's equity transfer restriction clauses. Anthropic warns that third parties claiming to sell its shares through tokenized securities or forward contracts are either committing 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 operations, nor has it prevented The Kobeissi Letter from celebrating the trillion-dollar milestone on Twitter without significant disclaimers, nor has it stopped dozens of media outlets from reposting this headline.

Prestocks describes its product as "bringing private market access to the public," emphasizing 1:1 SPV support, but the SPV details are kept confidential. Americans are restricted from participating. This tool only provides price exposure, has no voting rights, no dividends, does not grant legal ownership of Anthropic shares, and does not guarantee that the SPV actually holds the assets it claims to hold.

The real story of Anthropic is already amazing enough

None of this means that Anthropic is not an impressive company. It is.

The revenue growth data is shocking in itself. By the end of 2025, the annualized operating revenue is projected to be $9 billion, reaching $14 billion by February 2026, and exceeding $30 billion by late March or early April. A growth of 233% in a single quarter is driven by enterprise customer adoption of Claude Code and API products. Google has a capped investment of $40 billion, and Amazon has committed $25 billion. The G round financing was completed in February with a post-valuation of $380 billion.

Forge Global is a compliant private equity trading platform with a real regulatory framework, and they have priced Anthropic close to a trillion, with some bids reaching $1.15 trillion. Hiive, another compliant secondary trading platform, has priced it at $851 billion. These platforms trade real shares from actual holders, with a real legal framework. This data is meaningful.

Goldman Sachs and JPMorgan's IPO modeling valuations are between $400 billion and $500 billion. Kalshi predicts that the probability of Anthropic going public before January 2027 is 59%. Even if the IPO only lands at $500 billion, it would still be one of the largest IPOs in history.

The real story of Anthropic does not need a $9.59 million token on a Solana DEX to support it. Revenue growth is the story, enterprise adoption is the story, and the huge bets from Google and Amazon are the story.

The part that truly matters in the crypto industry

Under all the noise, there is one thing that is genuinely worth paying attention to.

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

This observation is accurate and important. The infrastructure that democratizes private company exposure is real and is being built on Solana. The problem is that this specific implementation currently has a liquidity pool of $942,000, with management rights that would alert any serious risk assessment, and the company itself has clearly denied this tool.

The trillion-dollar figure is a product of thin liquidity market mathematics, not a measure of Anthropic's actual value. It has generated so many headlines without any supplementary explanations, and what this reveals, rather than Anthropic's valuation, is how financial media handles large numbers.

Before looking at the headlines, look at the token page.