Over the weekend I wrote about how forwards on Anthropic common have become a sub-asset class of their own, with their own price discovery, separate from the company’s own mark.
All the numbers, including what Anthropic has itself revealed, are so large and so ridiculous that you cannot tell whether anything is real. Unless we get to the SEC filing for an Anthropic IPO, buying common or contracts at $1 trillion today is buying the press release, not the financials.
Hopefully, Anthropic’s upcoming S-1 filing will bring us some clarity.
om.co/2026/05/29/anthropic-a…