Anthropic’s prospective $2 trillion IPO has already spawned nearly $80 million in crypto derivatives bets before its public debut.

Open interest in futures linked to the Claude developer has climbed to about $79.27 million, close to a record $80 million, as traders position around what could become one of the largest initial public offerings ever attempted. The activity is unfolding even though Anthropic has yet to disclose an offering price, final valuation, or number of shares it intends to sell.

CoinGlass data showed its ANTHROPIC pre-stock contract trading around $2,147, with more than $20 million changing hands in futures over 24 hours. Binance has emerged as the largest venue for the trade, accounting for roughly 40% of activity.

The contract does not represent Anthropic stock. CoinGlass shows no circulating supply or spot trading for the instrument, while Anthropic remains privately held. The price instead reflects derivatives markets attempting to value exposure to a company whose actual shares are not yet publicly available.

That distinction has become increasingly important as crypto exchanges create markets around some of Silicon Valley’s most valuable private companies , effectively opening price discovery before traditional equity investors can buy the underlying shares.

Anthropic confidentially filed a draft registration statement with the US Securities and Exchange Commission (SEC) in June. The company said at the time that it had not yet determined the number of shares or their price.

Investors have discussed a valuation of as much as $2 trillion, which would make the offering one of the largest ever attempted. The Wall Street Journal reported that Anthropic now plans to stage the IPO in November, later than the October timetable investors had previously expected.

Anthropic is part of a broader shift in which crypto markets are building tradable instruments around companies that remain inaccessible to most public-market investors.