Anthropic Pre-IPO is valued at US$1.2 trillion, surpassing OpenAI to become the most valuable AI company. Three levels of misunderstanding and one risk.

Original author：老范讲故事

Original source：https://www.youtube.com/embed/ygVAvVU1JuM

Paid channel subscription: https://www.youtube.com/channel/UCUGLhcs3-3y_yhZZsgRzrzw/join Text version address: https://lukefan.com/2026/05/11/anthropic-tokenized-pre-ipo-valuation-misleading/ Anthropic Pre-IPO valuation is US$1.2 trillion, surpassing OpenAI to become the most valuable AI Enterprise, three levels of misunderstanding, one risk. Where does Anthropic’s 1.2 trillion valuation come from? Anthropic surpasses OpenAI? Can you confirm that the valuation is still two times worse? This article breaks down the source of Anthropic’s 1.2 trillion valuation and helps you understand the difference between on-chain Pre-IPO and real financing valuations. The market expectations surrounding tokenized Pre-IPO risks, SPV tokenization exposure, OpenAI valuation comparison and Claude Code explain why 1.2 trillion is only an implied valuation, not equal to the official financing valuation, nor does it mean buying Anthropic stock. It is suitable for people who are concerned about the listing of AI companies, the secondary private equity market and the risks of ordinary investors getting on board early. 00:00:00 The opening point breaks down the misleading valuation 00:01:09 Misleading one is not really pre-IPO financing 00:02:18 Tokenization does not equal shareholding 00:02:38 Small-cap prices are difficult to realize market value 00:03:19 SPV mechanism and failure to recognize risks 00:05:09 Where does 1.2 trillion come from 00:06:18 The implicit valuation mechanism on the chain 00:07:46 Official valuation and rumored financing 00:10:17 OpenAI valuation comparison 00:11:23 SpaceX listing progress reference 00:12:34 Why Anthropic is sought after 00:14:22 Claude leads the trend of intelligent agents 00:15:31 Listing expectations and OpenAI troubles 00:17:35 FOMO promotes early entry 00:18:00 How to exit after the token is listed 00:19:39 Delivery Uncertainty and Waste Paper Risk 00:20:24 Ending by reiterating three misleadings and one risk. Welcome to join the Discord discussion server: https://discord.gg/ppKsNkttTv