Anthropic, the AI company that makes the Claude models, said on Monday 26 October that it has filed a registration statement on Form S-1 with the US Securities and Exchange Commission for an initial public offering of its Class A common stock, to be listed on the Nasdaq Global Select Market under the ticker ANT (CoinMarketCap, 26 October; BetaNews). Wall Street liked it: the Nasdaq closed up 0.82% at 26,169.38, the S&P 500 gained 0.70% to 7,676.80 and the Dow added 0.28% to 52,361.52 (TheStreet, 26 October). Bitcoin did not join the rally. Coinbase’s UTC-day candle closed Monday at $80,008.79, down 0.06%, and at 07:04 UTC on Tuesday it traded near $79,470.
Disclosure: Bitcoin Mastery’s editorial desk uses Claude, an AI model built by Anthropic. We have reported this story from third-party coverage and applied the same sourcing rules we apply to every company. Informational only, not investment advice; see the full disclaimer at the end.
The mainstream hook: the biggest AI listing yet, filed the day before the Fed
The filing lands in the busiest week of the autumn for markets. The Federal Reserve announces its rate decision on Wednesday 28 October, Microsoft and Alphabet report that evening, and September PCE inflation and advance third-quarter GDP follow on Thursday (CCN, 26 October). Capital.com’s Kyle Rodda, quoted by TheStreet, put the market-implied chance of a hike at this meeting at about 10%, with traders watching for signals on December. In that setting, the largest private AI company in the world choosing to go public is a signal about how much capital Wall Street expects to be available for AI paper in the next few weeks.
What the filing does and does not say matters. The S-1 sets no price range and no share count, so there is no official valuation yet (CoinMarketCap; EGW News, 26 October). Valuation numbers in circulation come from elsewhere: EGW reports that investors speaking to the Financial Times put the range at $1.5 trillion to $1.75 trillion. On timing, EGW cites the Wall Street Journal as reporting a target debut in the week of 16 November, raising $100 billion or more, while BetaNews says pitches could begin as soon as the week of 9 November and that the company reportedly aims to raise at least the $85.7 billion SpaceX collected in its Nasdaq debut. The two accounts differ on dates and sizes, so treat them as press reports, not facts. Goldman Sachs and Morgan Stanley are the lead banks among 22 underwriters (BetaNews). The registration is not yet effective; the next hard data point is an amended S-1 with a range and a share count.
Video: Bloomberg Television’s 26 October 2026 report on the filing. Third-party coverage, not our analysis.
The numbers reported from the filing
We have not read the S-1 itself; the figures below are as reported by BetaNews and EGW News on 26 October and cross-checked against each other where they overlap. Both give the same headline numbers.
| Item (first half of 2026) | Reported figure | Source |
|---|---|---|
| Revenue | $16.3 billion, versus $1.16 billion in the first half of 2025 | BetaNews; EGW |
| Net loss | $80.7 billion, of which about $72.4 billion is a non-cash charge for revaluing convertible notes and similar instruments | BetaNews; EGW |
| Operating loss | $693 million (versus $2.14 billion a year earlier) | BetaNews |
| Adjusted operating income (non-GAAP) | $1.62 billion | BetaNews |
| Cash from operations | +$3.93 billion | BetaNews |
| Liquidity at 30 June | $112.4 billion cash and equivalents plus $19.3 billion short-term investments | BetaNews |
| Compute commitment | One equipment lease requires about $125.2 billion of rent over five years, excluding interest | BetaNews |
Source: secondary coverage of the S-1 as cited; figures unaudited by us. “Adjusted” measures are the company’s own definition.
The gap between an $80.7 billion net loss and a $693 million operating loss is the point: most of the headline loss is an accounting revaluation of securities that convert into equity, not cash leaving the company. That is a feature of how pre-IPO companies report, and it will change once those instruments convert at listing.
The crypto angle: perpetual futures priced Anthropic before the SEC filing existed
This is the part of the story that belongs on a bitcoin site. Anthropic shares cannot yet be bought by the public, but crypto-native venues have offered perpetual futures on the company for weeks, and EGW News reports the contracts trade on about a dozen venues, including Binance and Hyperliquid. A perpetual future is a leveraged derivative that tracks a reference price; it carries no equity, no IPO allocation and no voting rights, as EGW notes. What it does carry is a price that traders update every second.
| Marker | Level | Source (26 October) |
|---|---|---|
| Hyperliquid ANTH contract, around 9 a.m. ET on filing day | About $1,980, then down roughly 6% to about $1,857 within minutes | CoinDesk, as cited by EGW |
| Binance contract, 25–26 October | Hovered near $1,874 | EGW |
| Implied company valuation from the perp price | About $1.87 trillion, assuming roughly one billion shares | Bitcoin.com News, as cited by EGW |
| Hyperliquid ANTH-USDC, 24-hour volume / open interest | About $14.1 million / about $49 million | Crypto Times, as cited by EGW |
| Trade.xyz ANT market (launched Monday) | $125 reference price, 10x maximum leverage, ±50% discovery band | EGW |
| DefiLlama aggregated pre-IPO estimate | $1.61 trillion, about $260 billion below the perp-implied figure | EGW |
| Investors speaking to the Financial Times | $1.5 trillion to $1.75 trillion | EGW |
Two cautions apply. First, the $1.87 trillion conversion rests on an assumed share count of about one billion, and the S-1 gives no share count, so the number is an illustration, not a market cap. Second, the volumes are small: $14.1 million of daily volume on the main Hyperliquid contract is a rounding error next to bitcoin’s turnover, so the price is easily moved. Prediction markets show the same fog: EGW reports Polymarket’s $1.75–$2 trillion bracket leads on closing market capitalisation at 26%, with $2–$2.25 trillion at 21% and $1.5–$1.75 trillion at 17%.
The tokenized-spot version of this trade has fared worse. In May, Anthropic said it does not permit special-purpose vehicles to hold its stock and that transfers to them are void; the Solana-based PreStocks token that marketed itself as exposure fell 34% in seven days, according to CoinDesk citing CoinGecko data. We score what a buyer of such a token can and cannot verify in Field Guide #67, and the International Monetary Fund’s view of tokenized stocks is in our earlier summary.
What it means for bitcoin: three channels, none of them a forecast
- Scale of supply. If the offering raises $100 billion, as the Wall Street Journal reportedly said, that is roughly 330 times the $301.2 million net that US spot bitcoin ETFs took in over the week of 19–23 October (Farside Investors, our arithmetic). Investors can fund one with money they would have put in the other; the data do not yet show whether they will.
- Where price discovery happens. A crypto exchange was the first place the public could trade a view on Anthropic, which is a reminder that perpetual-futures venues are becoming general risk markets, not only bitcoin markets.
- The tape. Bitcoin has been in a roughly $79,000–$85,000 band for two weeks and has spent the past few days drifting lower as the Nasdaq rose. Our 30-day correlation study found the link between the two assets had jumped to about 0.60; Monday was a day it did not hold.
Chart: bitcoin over one month, TradingView widget (live data).
Bitcoin by the numbers
| Date (UTC) | Open | High | Low | Close |
|---|---|---|---|---|
| Fri 23 Oct | 81,305.90 | 81,962.00 | 80,401.34 | 81,078.04 |
| Sat 24 Oct | 81,079.63 | 81,106.03 | 79,107.00 | 80,769.67 |
| Sun 25 Oct | 80,769.67 | 80,925.00 | 79,732.29 | 80,053.16 |
| Mon 26 Oct | 80,053.16 | 80,710.04 | 79,255.00 | 80,008.79 |
| Tue 27 Oct (open) | 80,008.79 | 80,248.34 | 79,426.01 | 79,465.84 at pull |
Source: Coinbase Exchange daily candles pulled by Bitcoin Mastery; the Tuesday row is incomplete.
What to watch, in order
- Wed 28 Oct, 2:00 p.m. ET: Fed decision; Chair Kevin Warsh’s press conference follows at 2:30 p.m. ET. Our Fed-week preview has the odds.
- Wed 28 Oct, after the close: Microsoft and Alphabet results, which together are about $8 trillion of market value (CCN).
- Thu 29 Oct, 8:30 a.m. ET: September PCE and advance Q3 GDP.
- Anthropic: an amended S-1 with a price range and share count; until then every valuation, including the $1.87 trillion perp-implied one, is an estimate.
- Farside: Monday’s spot-bitcoin ETF flow had not printed at the time of writing (the table shows 0.0 as a placeholder), so our flow update follows when it does.
Anthropic’s link to the bitcoin economy was already visible before the filing: the company was reported as the tenant behind a $9.1 billion AI lease at the miner Riot (see The Anchor-Tenant Divide). What changes now is that the company at the centre of that story can be priced, in public, on the same venues that trade bitcoin.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Bitcoin and other cryptocurrencies are volatile and you can lose some or all of the money you put in. Nothing here is a recommendation to buy, sell or hold bitcoin, any exchange-traded fund, any listed security or any other asset, and the technical levels, probabilities and scenarios discussed are descriptions of published data, not forecasts. Do your own research and consult a licensed financial advisor before making investment decisions.