The SEC’s EDGAR filing index records Anthropic, PBC’s Form S-1 as filed on October 26, 2026. The widely cited $1.88 trillion figure is a separate futures-derived estimate: Forbes calculated it from contracts near $1,880 and an assumed one billion shares.
Forbes Argentina reported a proposed listing on the Nasdaq Global Select Market under the ticker ANT. Diario de Mallorca described a mid-November debut as an expectation. Both refer to a possible offering, not completed trading.
How the $1.88 trillion estimate is calculated
Forbes arrived at the estimate by multiplying a futures contract price near $1,880 by an assumed one billion shares. That arithmetic produces $1.88 trillion, but the share count is an assumption and the result is a futures-based market signal, not an offering valuation set by Anthropic.
Forbes reported on October 27 that Anthropic-linked perpetual-futures contracts had an outstanding value of $134 million across more than a dozen exchanges. The same account cited about $4.7 trillion in average monthly volume for the broader perpetual-futures market. The first figure covers contracts linked to Anthropic; the second describes the wider market.
Forbes also reported that pre-IPO perpetual futures had largely remained unavailable to U.S. traders. Payward said it planned to offer them to U.S. customers through Hyperliquid infrastructure, subject to regulatory approval.
The reported valuation figures use different bases
A past financing valuation, a press estimate for a possible IPO, a futures calculation and an upper-end estimate are distinct signals:
| Valuation signal | Reported figure | Basis and timing |
| Financing-round valuation | $965 billion | Reported valuation after a financing round in late May |
| Possible IPO valuation | $1.5 trillion | Expectation reported by Diario de Mallorca on October 26 |
| Futures-implied estimate | $1.88 trillion | Contracts near $1,880 multiplied by an assumed one billion shares; reported by Forbes on October 27 |
| Upper-end IPO estimate | Up to $2 trillion | Forbes attributed this estimate to bankers and investors in recent weeks |
NeoTeo’s earlier coverage of the reported $2 trillion IPO valuation examined that broader estimate; the $1.88 trillion figure comes from a separate futures calculation.
SpaceX offers one comparison, not a forecast
Forbes cited SpaceX’s June IPO as one example of how futures prices and offering prices can differ. Its account put SpaceX futures near $173 the day before the IPO and around $158 shortly before trading, compared with a $150 offer price and a $160.95 first-day close. Those are different price points at different stages of one offering, not a template for Anthropic’s eventual pricing.
What the reported financial figures add
Forbes Argentina reported that Anthropic generated $16.286 billion in revenue in the first half of 2026. The account put second-quarter operating income at $974 million and the first-half operating result at a $693 million loss.
For the first half, Forbes Argentina also reported a net loss of $80.748 billion, including $72.388 billion from changes in the value of convertible notes, derivatives and SAFEs. Operating cash flow for the same period was positive $3.929 billion. These are separate measures: the net loss was not equivalent to cash used in operations, and the positive cash flow coexisted with a first-half operating loss.
