Four types of pre-IPO contracts for Anthropic, equivalent to $102–112 per share

Pre-IPO contracts tied to Anthropic are pricing the AI company at roughly $102.4–$111.8 per share as of 4 p.m. KST on the 11th, 31–43% above the top of its $78 IPO target range. Headline quotes diverge sharply across venues—Binance's ANTHROPICUSDT contract traded near 1,369 USDT while Hyperliquid's Entropy ANTH contract showed about 1,781—but the gap narrows to roughly 10% once each contract's differing share count is normalized. The two contracts imply enterprise valuations that differ by about $410 billion, underscoring how inconsistent contract structures make cross-exchange comparisons unreliable. The pricing signals strong pre-listing demand for Anthropic exposure and sets up the IPO as a key test of whether private-market enthusiasm holds once shares trade publicly.