Anthropic's pre-IPO perpetual future on trade[XYZ] closed Nov. 11 at $103.93, representing a 33 percent premium above the upper end of the company's filed $70–$78 valuation range.

The contract has traded consistently above this official range since launch on Oct. 26, signaling sustained market conviction for a higher valuation than Anthropic's internal or most recent private funding round figures.

The perpetual currently holds $51.5 million in open interest, with active participation from traders seeking equity exposure ahead of a traditional public offering.

On-chain perpetuals provide 24/7 price discovery for private company equity—a continuous signal unavailable in traditional pre-IPO markets, where valuations update infrequently and opaquely. The sustained premium reflects how traders on trade[XYZ] are pricing Anthropic's prospects relative to the company's own assessment.