Anthropic Perpetual Futures vs. the $70–$78 IPO Price: How to Compare the Two Numbers

As of November 12, 2026, the two numbers use different units. MEXC's ANTHROPICUSDT perpetual futures quote Anthropic's valuation in billions of US dollars, so a quote of 800 means $800 billion. The $70–$78 IPO range is the price of one Class A share. To compare them, divide the futures quote by about 13.09.

Key Takeaways

• MEXC's ANTHROPICUSDT perpetual futures quote Anthropic's valuation in billions of US dollars, not a share price.
• The $70 to $78 IPO range filed on November 10, 2026 is the price of one Class A share.
• Dividing the contract quote by about 13.09 gives an approximate price per share, based on 13.09 billion shares outstanding after the offering.
• At $70, $74 and $78 per share, the matching contract quotes are about 916, 968 and 1,021.
• How ANTHROPICUSDT will be handled when ANT lists had not been announced as of November 12, 2026.
• Neither the contract nor the MEXC Anthropic IPO subscription delivers ANT shares.

What does the Anthropic perpetual futures price represent?

The Anthropic perpetual futures price on MEXC represents a company valuation, not a share price. The ANTHROPICUSDT contract launched on April 14, 2026 in the Innovation Zone, and its quote is based on Anthropic's current Pre-IPO valuation, expressed in billions of US dollars. A quote of 800 stands for a valuation of $800 billion.

The contract trades against USDT on the ANTHROPICUSDT futures page. Other contracts of the same type are grouped on MEXC's Pre-IPO futures list.

Holding the contract does not make anyone an Anthropic shareholder. It is one of the routes compared in our guide to buying Anthropic stock before the IPO.

This article leaves out live quotes, leverage settings and fees, because all three change. The contract page is the place to check them.

MEXC operates only in designated jurisdictions and does not provide services in some countries or regions. Regulatory requirements differ by region, and users are responsible for understanding the rules that apply where they live. Service regions are set out in the Prohibited Jurisdiction clause of the MEXC User Agreement.

How do you convert the futures price into a price per share?

Divide the contract quote by about 13.09 to get an implied price per share. Multiply a share price by about 13.09 to get the matching contract quote. The 13.09 is the number of Anthropic shares, in billions, that will be outstanding after the offering.

The second amended S-1 puts that number at 13,086,672,593 shares after the IPO and the concurrent private placement. That is 7,427,991,791 Class A shares, 5,658,680,800 Class N shares, and one share each of Class T and Class F.

• Quote to share price: implied price per share ≈ contract quote ÷ 13.09
• Share price to quote: contract quote ≈ price per share × 13.09

Applied to the filed range, the math works out like this:

• A quote of 916 ≈ $70 per share, or a valuation of $916.1 billion.
• A quote of 968 ≈ $74 per share, the midpoint, or $968.4 billion.
• A quote of 1,021 ≈ $78 per share, or $1,020.8 billion (about $1.02 trillion).

Two hypothetical quotes show the same math outside the range. They are examples only, not current quotes. A quote of 1,500 would imply about $114.6 per share, and a quote of 2,000 would imply about $152.8.

The conversion is an approximation, for three reasons:

• Share-count basis. The 13.09 billion figure counts shares outstanding. It leaves out 1,774,342,693 stock options, 1,026,660,010 restricted stock units whose service conditions are not yet met, and 47,041,287 units granted after September 30, 2026. A fully diluted count is larger, so a fully diluted valuation is higher. Media outlets use different share counts, which is why their headline valuations differ.
• Over-allotment option. If the underwriters buy all of their extra shares, the count rises to 13,210,422,593 and the divisor becomes about 13.21.
• Contract index. How the contract's index is calculated follows MEXC's contract rules, not this formula.

Follow the Anthropic Pre-IPO Countdown on MEXC

Why can the two numbers point to different valuations?

Even after conversion, the futures quote and the IPO range can imply different valuations, because two separate processes set them. One is a negotiated offering price. The other is a continuously traded derivative price.

• The IPO price comes from bookbuilding. Underwriters collect orders from institutional investors during the Anthropic IPO roadshow, and Anthropic and the underwriters set the final price at pricing.
• The futures price comes from the contract market. Buyers and sellers of the contract set it around the clock, and funding rates and leveraged positions can push it away from any reference value.
• The range itself can change. A filed range is an estimate. Anthropic can amend it, and the final price can land inside or outside it.

Neither number is the correct one in advance, and this article does not forecast which way a gap closes. For background, see how the range translates into the Anthropic IPO price per share. The round-by-round history is in our guide to Anthropic's valuation and funding rounds.

What happens to ANTHROPICUSDT when ANT starts trading?

As of November 12, 2026, MEXC has not announced how ANTHROPICUSDT will be handled once ANT lists on Nasdaq. The official MEXC announcement will be the only reliable answer. Until it is published, four questions stay open:

• Will the quote unit change from a valuation in billions to something else?
• What will the index source be once a public share price exists?
• How will funding rates be handled around the listing?
• Will the contract be converted, or will it be delisted?

This article does not guess at the answers. How other contracts were treated in the past is not a guide to this one.

How is this different from the MEXC Anthropic IPO subscription?

The perpetual futures contract and the MEXC Anthropic IPO subscription are separate products. The contract is a leveraged derivative that trades continuously. The subscription is a one-time event that gives mirror credits settled at ANT's first-day closing price. Neither one is ANT stock.

• MEXC Anthropic IPO subscription. According to the MEXC Support FAQ, participants receive mirror credits, not shares, and the credits settle at ANT's closing price on its first trading day. Advanced KYC is required. Market maker accounts, institutional accounts and sub-accounts are excluded, and borrowed funds cannot be used. A full allocation is not guaranteed, and refunds follow the event rules if the IPO is delayed or cancelled. Like the contract, the subscription is limited by region.
• ANTHROPICUSDT perpetual futures. A leveraged derivative with no expiry date, the defining feature of perpetual contracts. The holder owns no shares.
• ANT shares. Class A stock is available only through the IPO or on Nasdaq after listing, as our guide on how to buy the Anthropic IPO explains. Stock trades settle one business day later, known as T+1, and access depends on your broker.

A fourth product type works differently again, and it is covered in what Anthropic tokenized stock is.

Follow the Anthropic Pre-IPO Countdown on MEXC

What are the risks?

Pre-IPO perpetual futures are high-risk. The main risks are leverage, sudden price gaps around the listing, funding costs and the lack of any shareholder rights.

• Leverage and liquidation. Leverage magnifies losses, and a position can be liquidated if margin runs short.
• Listing-day gaps. The quote can jump when the IPO prices and again when ANT's first trade prints.
• Funding rates. Holders pay or receive a funding rate while a position is open, and the rate changes.
• No shareholder rights. The contract carries no votes and no dividends. Those rights come only with ANT stock itself.
• Unannounced listing-day handling. The four open questions above are unresolved.
• Region limits. The contract is not offered everywhere, as the service-region note above explains.

Short positions add risks of their own, which are covered in how shorting Anthropic stock works.

MEXC View: Convert the Units Before Comparing the Numbers

In our view, most of the confusion around the Anthropic perpetual futures price comes from comparing a valuation with a share price. Put both on the same unit first, by dividing the quote by about 13.09, and the two numbers become comparable.

Even then, a gap between them is not a signal on its own. The IPO range comes from bookbuilding with institutional investors, and the contract price comes from a leveraged market that trades around the clock, so each reflects a different group of participants at a different moment.

We also think the share-count basis deserves as much attention as the price. A fully diluted count gives a different divisor, which is why headline valuations for Anthropic so often disagree.

How ANTHROPICUSDT is handled after listing has not been announced as of November 12, 2026, and we will not guess. The official MEXC announcement is the source to check. We take no view on whether the contract or the IPO range sits closer to where ANT will trade.

Frequently Asked Questions

Is Anthropic perpetual futures the same as Anthropic stock?

No. A perpetual futures contract is a leveraged derivative that follows a quoted valuation, while Anthropic stock is Class A shares that will trade on Nasdaq as ANT.

Why is the contract price in the hundreds or thousands?

Because the quote is Anthropic's valuation in billions of US dollars, so a company valued near $1 trillion shows a quote near 1,000.

What is ANTHROPICUSDT?

ANTHROPICUSDT is MEXC's Pre-IPO perpetual futures contract on Anthropic, launched on April 14, 2026 and quoted on the company's valuation.

Does the perpetual futures contract settle at the IPO price?

A perpetual contract has no expiry settlement date, and how ANTHROPICUSDT is handled after the listing will follow MEXC's official announcement.

Can the final IPO price be outside $70–$78?

Yes. The range in the filing is an estimate, the final price is set at pricing, and the range itself can be amended before then.

Where does the 13.09 come from?

It is the 13,086,672,593 shares Anthropic's filing shows as outstanding after the offering, expressed in billions.

More Anthropic Guides

• Can You Buy Anthropic Stock Before the IPO? Three Routes Compared
• What Is Anthropic Tokenized Stock? How It Works Before and After the ANT IPO
• Anthropic IPO Price Per Share: How to Estimate It Before the Price Range Is Set
• Anthropic IPO Valuation: From $965 Billion to a Reported $1.5 Trillion, Every Round and Who Owns What
• Can You Short Anthropic Stock? How Shorting ANT Works Before and After the IPO
• Can You Get Anthropic Shares at the IPO Price? How to Buy the Anthropic IPO From Anywhere
• ANT Stock: Anthropic's Ticker, IPO Date and How to Buy It (Not Ant Group)
• When Is the Anthropic IPO? Anthropic IPO Date, Plans and Status for 2026
• Anthropic IPO Roadshow: When It Starts, Who Runs It and What Happens Next
• When Will Anthropic List? What the Polymarket Anthropic IPO Odds Say Now
• Anthropic IPO News 2026: Latest on the S-1 Amendment, Ticker ANT and Listing Date
• Is Anthropic Stock Public Yet? Does Anthropic Have a Stock, Ticker ANT and How to Buy
• Anthropic IPO Prospectus Explained: What the S-1 Reveals About Revenue, Losses, Control and Risks
• Where Is Anthropic's S-1? Inside the Anthropic IPO Filing and Its November 2026 Amendment
• Will Anthropic Join the Nasdaq-100 or the S&P 500? How Index Inclusion Works for ANT
• Anthropic Q3 2026 Results: $16.96 Billion in Revenue, a $567 Million Operating Loss, and What It Means for the IPO
• Is Anthropic Profitable? Annual Revenue, Q3 2026 Losses and Cash Burn Explained
• Anthropic vs OpenAI IPO: Anthropic Lists First — What's Confirmed and What's Still Rumor
• Can You Still Get In Early? SpaceX, OpenAI, Anthropic and Databricks IPO Plans 2026

Disclaimer: This article is for informational purposes only and does not constitute investment, legal or tax advice. IPO timing, pricing and allocations can change. Derivatives and leveraged ETFs involve high risk, including the loss of your entire investment or margin.

Trading crypto assets is high-risk; prices can be highly volatile and you may lose everything you put in. No security measure removes all risk, and MEXC does not promise principal protection or absolute security. This article is not investment advice.