On 10 November, pre-IPO markets on Hyperliquid priced Anthropic at $1.65 trillion, $150 billion above Bitcoin and its $1.50 trillion market cap. The listing window in DropsTab's data is 19-20 November, under ticker ANT. Both numbers are single-day snapshots, and Polymarket already runs a market on the crossover.
Anthropic's $1.65T pre-IPO value tops Bitcoin's $1.50T and the $1.01T all altcoins are worth combined.
The chart widens the comparison to the whole crypto market. All altcoins combined are worth $1.01 trillion, Ethereum $259 billion of that, on 10 November data. Anthropic's implied price alone clears the entire altcoin market by $640 billion.
The amended S-1, filed 2 November, cuts both ways. Q3 revenue reached about $17 billion, up 1,127% year on year, CNBC reported, though quarterly growth slowed to 47% from 144% in Q2. Nine-month revenue reached $33.2 billion against a net loss near $104 billion, mostly fair-value swings on convertible notes, with $895.4 billion committed, substantially all for compute.
A valuation that moves by the hour
Which venue and which hour change the number. On 11 November, DropsTab News reported ANT perpetual futures on Trade.xyz, a Hyperliquid venue, near $102.4, 31.5% above the top of the assumed $70-78 IPO range. The $102.4 print implies roughly $1.85 trillion, against about $1.36 trillion at the range top. A live pull on 11 November showed $103.3.
Hyperliquid venues also disagree by design. At 06:39 UTC on 11 November, xyz:ANT marked $103.3 while io:ANTH marked $1,793.1. Contract specs differ and nothing arbitrages them against real shares. The original Ventuals market closed on 15 June 2026 near $1,341.80 on a TWAP basis. Today's quotes come from separate HIP-3 markets, and holders get no shares in Anthropic.
The offering prices below the derivative. Yahoo Finance reported on 10 November that Anthropic seeks roughly $1.3-1.45 trillion, up from a $965 billion Series H in May 2026. About $26 billion in private purchases came from Nvidia, Microsoft, Google, TSMC, Broadcom, AMD and Micron in nonvoting shares exempt from the lockup. The public S-1 reached the SEC on 26 October for Nasdaq, per Cryptobriefing.
Polymarket odds on the Bitcoin crossover
Polymarket's contract resolves yes if Anthropic's valuation tops Bitcoin's market cap at least once before 31 December 2026, so one touch is enough. The market-implied probability read 71.5% on 10 November. A separate Cryptobriefing report put the odds between 74% and 79% at its time of writing, with about $209,000 in volume. A fresh pull on 11 November returned no matching market, so the current level needs a live check.
The Bitcoin leg moves too. Cryptobriefing put Bitcoin's market cap between $1.55 trillion and $1.61 trillion at its time of writing, against $1.50 trillion on 10 November. Any IPO delay shrinks the resolution window, the report noted.
Watch the 19-20 November window pencilled in by DropsTab data. No exchange or company filing confirms the date. Once ANT trades, its market cap against Bitcoin becomes an official, ticker-level comparison.