Anthropic's Tokenized Shares On Jupiter Imply $851 Billion Valuation

Tokenized pre-IPO Anthropic shares trading on Jupiter (@JupiterExchange) now imply a market capitalization of $851 billion, more than double the $380 billion post-money valuation Anthropic set in its February Series G round.

The synthetic tokens, issued through PreStocks on the Solana-based DEX aggregator, have climbed from around $122 in October 2025 to roughly $900 as of Tuesday, a 640 percent gain in about six months. Traditional pre-IPO venues show the same move. Shares on Hiive traded above $849 on April 14, closely tracking the onchain price.

PreStocks tokens are structured as 1:1 SPV-backed instruments giving holders price exposure only. There are no voting rights, dividends or legal ownership in @AnthropicAI, a model similar to the SpaceX pre-IPO tokens listed by Bitget earlier this week.

The repricing comes as Anthropic is reportedly in discussions for a Q4 2026 listing that could raise more than $60 billion, with Goldman Sachs and JPMorgan Chase competing for underwriting roles. The AI lab's run-rate revenue crossed $30 billion in April, up from $9 billion at the end of 2025.