On-chain traders at Jupiter, Solana’s primary decentralized exchange (DEX) aggregator, have placed an implied valuation of $1 trillion on Anthropic through synthetic pre-stock tokens, making the artificial intelligence (AI) company the third private company to cross that threshold alongside OpenAI and SpaceX.
Important points:
- Kobisi Letter warned that Anthropic’s on-chain implicit valuation reached $1 trillion in Jupiter pre-stock on April 27, 2026.
- Solana’s Antropic token has appreciated 733% since October 2025, with an implied cap of over $380 billion since February’s Series G.
- Anthropic explicitly prohibits SPVs and tokenized stock transfers, warning investors that these products may have no legal value.
On-chain buyer puts $1 trillion price on humanity on Jupiter, joins OpenAI and SpaceX
on X, financial commentator Kobeissi Letter reported the milestone in a post on Monday, which garnered widespread attention across the crypto and AI finance world. Several other prominent X accounts shared the information. The data comes from Jupiter’s Prestocks page and shows the ANTHROPIC token’s on-chain implied market capitalization to be $1 trillion, up from approximately $122 per token as of October 2025.
That starting point has grown to over $1,065 per token as of late April 2026, an increase of approximately 733% in less than six months. This move brings Anthropic’s overall valuation to more than $380 billion post-money of its official Series G round, which closed on February 12, 2026, led by GIC and Coatue, with participation from Microsoft and Nvidia.
Prestocks tokens are SPL tokens on Solana that are minted at a 1:1 ratio to special purpose vehicle exposure, with the purpose of tracking actual Anthropic stock in the secondary market. Token holders receive only price exposure. They have no voting rights, receive no dividends, and have no legal ownership of the company.
Forge Global, a major private equity market, also separately acknowledged the demand. Forge CEO Kelly Rodriques told Business Insider on April 22 that Anthropic stock has been hovering around the $1 trillion level on his platform, with some bids reaching $1.15 trillion. This number upsets OpenAI, which Forge estimated at about $880 billion.
The implied valuation of Anthropic, OpenAI, and SpaceX now totals approximately $3.7 trillion across these financial institutions, according to the Kobessi Letter post.
Earnings data helps explain why buyers pay that kind of premium. Anthropic’s annual revenue run rate was nearly $9 billion at the end of 2025, rose to $14 billion by February 2026, and exceeded $30 billion by late March-April 2026. This growth is primarily driven by corporate adoption of the Claude model family.
On-chain token metrics recorded by Coingecko indicate a circulating supply of nearly 9,000 tokens, a token market capitalization of approximately $9.59 million, and liquidity of approximately $933,000. Daily trading volume ranges from $478,000 to $1.7 million. Approximately 3,130 wallets hold the token, with the top 10 wallets controlling approximately 50.55% of the supply.
That concentration is important. The lack of liquidity means the price can fluctuate rapidly due to large sell orders, with the token sometimes trading at a 56% discount to the Oracle Mark price. One brief window showed an implied valuation of $1.56 trillion before prices settled.
Anthropic addressed these measures directly and carefully. The company’s official support page states that acquisitions of Anthropic shares by SPVs are not permitted and such transfers are void under the company’s transfer restrictions. Anthropic warns that third parties claiming to sell their shares through tokenized securities or forward contracts are likely committing fraud or offering investments that are worthless.
This warning has been in place since at least the summer of 2025 and has not stopped platforms like Prestocks from operating. Prestocks describes its product as bringing the civilian market to the masses and emphasizes one-on-one SPV support, but the company keeps SPV details confidential. Participation by Americans is generally limited.
Banking analysts at Goldman Sachs and JPMorgan are reportedly modeling Anthropic’s IPO value at closer to $400 billion to $500 billion. No S-1 has been filed. Analysts and market observers have pointed to a potential listing in the fourth quarter of 2026, potentially raising more than $60 billion, but no formal timeline has been confirmed.
For now, the $1 trillion figure exists as a speculative signal in the market. This reflects genuine demand, explosive earnings growth, and limited supply of anthropic stocks. This also reflects an on-chain market that operates outside of the company’s own legal framework, and buyers should understand this difference before participating.
