Price: mark price · perpetual futures / vs. 24h earlier / / Saved / stale
The Anthropic perpetual future: a 24-hour price for a private company
- Anthropic is not listed, yet a perpetual future referencing it has carried a price around the clock since 19 August 2026.
- Under the issuer's specification, $1 of the contract represents $1B of market capitalisation in the underlying company. It is not a per-share price.
- On that scale, the $965 billion valuation announced in May 2026 would correspond to a price of $965.
Section highlights (11)
- Anthropic develops Claude, is not listed, and its most recent round put its post-money valuation at $965 billion.
- With no listing, there is no official share price and no published share count.
- A future references its underlying, so an unlisted company can be referenced too.
- Because third parties can open markets, underlyings other than listed companies can appear.
- io:ANTH sits in a small market called io and began on 19 August 2026.
- Under the issuer's specification, $1 of price is $1B of market capitalization.
- The price on screen is not the price of a share (corrected 26 August 2026).
- Unlike a listed name, there is no public spot price to compare against.
- This symbol is drawn solid throughout and shows no close comparison.
- Where there is no basis, the item is hidden rather than left blank.
- No outlook is offered, only the record.
Contents
Anthropic is a company whose shares are not traded on a stock exchange. Even so, since 19 August 2026 a perpetual future referencing the company has carried a price 24 hours a day.
This article sets out what that price represents, and how it relates to the valuation the company has announced.
What Anthropic is
The company
Anthropic develops generative AI systems including Claude. This is taken from the company's own pages.
Anthropic is a Public Benefit Corporation, a U.S. corporate form whose charter sets a public benefit alongside shareholder interests.
Series A, announced on 28 May 2021, was $124 million. Series H, announced on 28 May 2026, was $65 billion, at a post-money valuation of $965 billion. Both come from the company's announcements, checked on 29 September 2026.
This article does not go into the business itself. It covers only what is needed to read the price.
Anthropic develops Claude, is not listed, and its most recent round put its post-money valuation at $965 billion.
What "not listed" means
Not listed means the shares are not bought and sold on a stock exchange. With no exchange trading, there is no official share price either.
Listed companies in the United States file accounts and other documents with the SEC. Anthropic, being private, makes no such public filings.
On 1 June 2026, Anthropic announced that it had confidentially submitted a draft S-1 to the SEC. The draft's contents are not public, so neither the financial figures nor the number of shares outstanding can be confirmed from it. The missing share count is the reason the contract is scaled the way it is.
With no listing, there is no official share price and no published share count.
Why a private company carries a price at all
The perpetual future as a container
A perpetual future is a futures contract with no settlement date. This contract, however, has a scheduled settlement date of 18 August 2028 if the company remains unlisted. How that works is set out in what a perpetual future is.
A future is a contract that references something. If it is built so that the underlying is never delivered, the thing it references can be a company that is not listed.
A future references its underlying, so an unlisted company can be referenced too.
The machinery for creating a market
Hyperliquid, a decentralized exchange, has a mechanism called HIP-3. It lets a third party open its own futures market. The party that opens one is called the deployer.
The deployer decides which contracts to carry and how their price scale is defined. That the scale belongs to the deployer is the key to this article.
The symbols StockTicker24 carries are spread across several such markets.
Because third parties can open markets, underlyings other than listed companies can appear.
io (EntropyIO) and ANTH
The Anthropic contract sits in a market named io. Its registered operator name is EntropyIO. This was confirmed on 25 August 2026 through Hyperliquid's public API.
The symbol is io:ANTH. It first traded on 19 August 2026.
In our saved snapshot from 25 August 2026, the io market listed 4 assets, 2 of which were recorded as delisted.
| Item | Measured, as of 25 August 2026 |
|---|---|
| Market name | io, registered as EntropyIO |
| Symbol | io:ANTH |
| Market type (issuer's classification) | Pre-IPO |
| First trade | 19 August 2026 |
| Contracts in the market | 4, of which 2 trading and 2 retired |
| The other trading contract | One listed U.S. company |
Our latest saved Hyperliquid public data (2026-10-14) was captured at 2026-10-14 22:04:48.387 UTC (2026-10-15 07:04:48.387 JST). It contains 13 io contracts: 11 trading and 2 delisted (io:SBE and io:H100).
io:ANTH sits in a small market called io and began on 19 August 2026.
What this price is — the scale is market capitalisation
The issuer's specification states it
EntropyIO, the issuer, defines the scale for its pre-IPO contracts: "Each 1$ of a pre-IPO perpetual represents $1B of market cap in the underlying company." The wording was checked against the specification retrieved on 6 September 2026.
So $1 of price stands for $1B of market capitalization in the underlying company. The issuer gives its reason: share counts in private financing rounds are uncertain, so the contract is scaled to market capitalization rather than to a share.
As a worked example of the scale, the $965 billion post-money valuation announced in May 2026 would correspond to a price of $965. This is unit arithmetic, not an observed price.
Under the issuer's specification, $1 of price is $1B of market capitalization.
Not a per-share price
The price on screen is not the price of one share, and shares cannot be bought at it.
This article previously described the number as a per-share reference value. That was wrong. It was corrected on 26 August 2026 after the issuer's specification was checked.
The price on screen is not the price of a share (corrected 26 August 2026).
The same category, a different scale at a different issuer
The SpaceX contract (xyz:SPCX), issued by trade[XYZ], is defined in that issuer's specification as the market-implied price per Class A common share.
| Contract | Issuer | Scale in the issuer's specification |
|---|---|---|
| xyz:SPCX (SpaceX) | trade[XYZ] | Price per Class A common share |
| io:ANTH (Anthropic) | EntropyIO | Market capitalization ($1 = $1B) |
The two contracts have different issuers and different scales. Their prices cannot be compared without checking the scale first.
Relationship to the published valuation
The table separates the reference value, conversions and published valuation. Each row includes its retrieval time and source.
| Figure | Reference value or conversion | Retrieved at | Source |
|---|---|---|---|
| io:ANTH reference value | Shown on the symbol page | Shown on the symbol page | Hyperliquid public API |
| Reference-implied market capitalisation | Reference value × $1 billion | Same retrieval time as the reference value | EntropyIO Pre-IPO specification (retrieved 2026-09-06) |
| Published Series H valuation | $965 billion | 2026-09-29 | Anthropic Series H announcement (2026-05-28) |
| Published valuation in price units | $965 (not an observed price) | — (unit arithmetic) | Published valuation ÷ $1 billion per $1 of price. The two sources above |
What it means to have no spot market
The funding rate is a periodic payment on open positions
The funding rate is a periodic payment on open perpetual-futures positions. The sign of the rate determines the direction of payment between long and short holders.
The funding rate and the difference from the reference price are separate quantities.
There is no public spot price to compare against
A private company has no spot price in a public market. That single point separates this contract from a perpetual future on a listed share.
So the price of io:ANTH cannot be checked against a published spot price. With a listed name, the exchange price can be set alongside it and the gap measured. Here there is nothing to set it alongside.
Unlike a listed name, there is no public spot price to compare against.
How StockTicker24 shows it
Where to find it
io:ANTH sits in the New Listings tab. It does not appear in the 24-hour tab or the rankings tab, because new-listing cards are kept to their own tab and are not mixed into the others. The symbol page, Anthropic (24-hour), carries the same reference value and a daily observation log.
Why the line is solid throughout
A price-discovery card draws a solid line during the cash market's set session hours and a dashed line outside them.
Anthropic has no cash market. For this unlisted symbol, the site sets no closed-hours split and draws the whole range solid.
For the same reason, no close comparison against a cash closing price is shown. An "Unlisted" label appears instead.
This symbol is drawn solid throughout and shows no close comparison.
What is not shown
- All-time high: the phrase "since listing" is not applied to a symbol that is not listed.
- The market-cap tab: the implied figure is built differently from a share count times a price, so this symbol is not included in it.
- Close comparison: not shown, because there is no closing price to compare against.
The daily change is shown as it is for every other symbol, against the previous-day reference value supplied by the provider (prevDayPx).
Where there is no basis, the item is hidden rather than left blank.
Price discovery for private companies
Whether it continues is not something to write
Under the issuer's specification, if the company is still unlisted, the contract's scheduled settlement date is 18 August 2028. The issuer can give notice to settle earlier (checked against the specification retrieved on 29 September 2026).
StockTicker24 takes no view on whether this contract continues.
If the price stops being available, StockTicker24 stops displaying the symbol. It does not fill the gap with an estimate.
No outlook is offered, only the record.
Common questions
Q. Can I buy Anthropic shares at this price?
A. No. This is a reference value from a perpetual future, not the share itself. This site is not a route to trading.
Q. Why is this symbol not in the market-cap tab?
A. Its implied market capitalization is built differently from the share count times price used for every other symbol. Figures built differently are not mixed into one table.
Q. This does not match the valuation I saw reported.
A. The price is on a scale of $1 to $1B. Read in that unit, a price of $965 corresponds to the $965 billion valuation announced in May 2026.
Q. What is the oracle price based on?
A. The issuer's specification says external prices are also given in market-cap value.
Q. What happens if the company lists?
A. The issuer's specification says the contract continues on the market-cap scale after a listing. Line style after a listing depends on the site's display mode and market-hours settings.
Q. What period does "Saved daily" cover on the chart?
A. The "Saved daily" button on the symbol-page chart shows the saved daily candles (up to one year). It does not denote the IPO or an all-time high since listing.
Summary
- Anthropic is not listed, so there is no official share price and no published share count.
- Even so, the perpetual future as a container lets a price form against it as a reference.
- Under the issuer's specification $1 is $1B of market capitalisation. A price of $965 would correspond to $965 billion.
- SpaceX is scaled per share. The scale differs by issuer and has to be checked before reading.
- The announced valuation of $965 billion can be set beside it, but the two are built differently.
Measurement note: figures in this article that use the $1 = $1B scale are unit arithmetic, not observed prices. The issuer's specification wording was checked against the specification retrieved on 6 September 2026. The funding amounts, the valuation and the draft S-1 submission were checked on 29 September 2026 against the company's announcements dated 28 May 2021, 28 May 2026 and 1 June 2026. This article corrected its earlier "per-share" description on 26 August 2026.
This article explains a mechanism. It does not recommend any transaction.
Source: Hyperliquid public API / Published: / Last updated: / Perpetual-futures prices are reference values.