The Anthropic perpetual future: a 24-hour price for a private company
Source: Hyperliquid / Last updated: / Perpetual-futures prices are reference values.
Anthropic is a company whose shares are not traded on a stock exchange. Even so, since 19 August 2026 a perpetual future referencing the company has carried a price 24 hours a day.
This article sets out what that price represents. It also explains why a market capitalisation cannot be calculated from it.
What Anthropic is
The company
Anthropic develops generative AI systems including Claude. This is taken from the company's own pages, retrieved on 25 August 2026.
This article does not go into the business itself. It covers only what is needed to read the price.
Anthropic develops generative AI systems including Claude.
What "not listed" means
Not listed means the shares are not bought and sold on a stock exchange. With no exchange trading, there is no official share price either.
Listed companies in the United States file accounts and other documents with the SEC. Anthropic, being private, makes no such filings.
So neither the financial figures nor the number of shares outstanding is available from a primary source. That second point matters later.
With no listing, there is no official share price and no published share count.
Why a private company carries a price at all
The perpetual future as a container
A perpetual future is a futures contract with no settlement date. How that works is set out in what a perpetual future is.
A future is a contract that references something. If it is built so that the underlying is never delivered, the thing it references can be a company that is not listed.
A future references its underlying, so an unlisted company can be referenced too.
The machinery for creating a market
Hyperliquid, a decentralised exchange, has a mechanism called HIP-3. It lets a third party open its own futures market. The party that opens one is called the deployer.
The deployer decides which contracts to carry and how to configure them. As a result, an underlying that no existing exchange carries can still become a contract.
The symbols StockTicker24 carries are spread across several such markets.
Because third parties can open markets, underlyings other than listed companies can appear.
io (EntropyIO) and ANTH
The Anthropic contract sits in a market named io. Its registered operator name is EntropyIO. This was confirmed on 25 August 2026 through Hyperliquid's public API.
The symbol is io:ANTH. It first traded on 19 August 2026.
The market is small: it holds four contracts, two of which have already been retired.
| Item | Measured, as of 25 August 2026 |
|---|---|
| Market name | io, registered as EntropyIO |
| Symbol | io:ANTH |
| First trade | 19 August 2026 |
| Contracts in the market | 4, of which 2 trading and 2 retired |
| The other trading contract | One listed U.S. company |
io:ANTH sits in a small market called io and began on 19 August 2026.
What it means to have no spot market
The funding rate pulls a contract back toward spot
A perpetual future carries a funding rate, the adjustment that holds its price near the spot price. In place of a settlement date, that adjustment maintains the link to spot.
What this assumes is that there is a spot price to be pulled back toward.
The funding rate assumes a spot price exists as its destination.
There is no public spot price to return to
A private company has no spot price in a public market. That single point separates this contract from a perpetual future on a listed share.
So the price of io:ANTH cannot be checked against a published spot price. With a listed name, the exchange price can be set alongside it and the gap measured. Here there is nothing to set it alongside.
Unlike a listed name, there is no public spot price to compare against.
This price is not a market capitalisation
The number is a per-share reference value
The price of io:ANTH is quoted on a per-share scale.
There is a way to check this. The same market also carries a listed U.S. company, and that contract's price nearly matches the price of the same underlying in a different market. Measured, the two were about 0.3% apart. One of them is quoted on the same scale as the cash share price, so the other is on that scale too.
The number on screen is therefore not the price of the whole company.
The number is a per-share reference value, not a price for the whole company.
The second number a market capitalisation needs
A market capitalisation is the per-share price multiplied by the number of shares outstanding. One factor alone does not produce it.
For Anthropic, being private, the number of shares outstanding is not available from a primary source. There is nothing to multiply by.
StockTicker24 therefore shows no market capitalisation for this symbol, and does not fill the gap with an estimate.
| What is needed | A listed company | Anthropic |
|---|---|---|
| Per-share price | The exchange price | The perpetual future's reference value |
| Shares outstanding | Published in filings | No primary source available |
| The product of the two | A market capitalisation | Cannot be calculated |
Without a primary source for the share count, no market capitalisation can be calculated.
Reported "valuations" are a different construction
Figures described as a valuation are sometimes reported for private companies. Those come from amounts used in funding rounds or negotiated transactions, which is a different construction from a per-share price multiplied by a share count.
Because the construction differs, a valuation cannot be derived from this contract's price, nor a per-share price from a valuation. StockTicker24 does not carry such figures.
A valuation is built differently, and the two cannot be converted into each other.
How StockTicker24 shows it
Where to find it
io:ANTH sits in the New Listings tab. It does not appear in the 24-hour tab or the rankings tab, because new-listing cards are kept to their own tab and are not mixed into the others.
It is kept to the New Listings tab.
Why the line is solid throughout
An ordinary card draws a solid line while the underlying cash market is open and a dashed line while it is shut.
Anthropic has no cash market, so it has no closed hours either. The line is therefore solid across the whole range.
For the same reason, no close comparison against a cash closing price is shown. A "Pre-listing" label appears instead.
With no cash market, there is no dashed segment and no close comparison.
What is not shown
- All-time high: the phrase "since listing" is not applied to a symbol that is not listed.
- Market capitalisation: not shown, because it cannot be calculated.
- Close comparison: not shown, because there is no closing price to compare against.
The daily change is shown as it is for every other symbol, against the previous day's reference value.
Where there is no basis, the item is hidden rather than left blank.
Price discovery for private companies
It happened before, and it ended
This is not the first perpetual future on a private company. An earlier market carried contracts referencing Anthropic, OpenAI and SpaceX.
That market ceased operating on 15 June 2026. All of its contracts were retired, and as of 25 August 2026 they still carry the retired marker.
In the io market that carries the contract today, two of the four symbols have already been retired as well.
Contracts of this kind have been carried before, and have ended.
Whether it continues is not something to write
StockTicker24 takes no view on whether this contract continues. The record here is only that earlier ones ended.
If the price stops being available, StockTicker24 stops displaying the symbol. It does not fill the gap with an estimate.
No outlook is offered, only the record.
Common questions
Q. Can I buy Anthropic shares at this price?
A. No. This is a reference value from a perpetual future, not the share itself. This site is not a route to trading.
Q. Why is the market capitalisation field empty?
A. It is hidden, not empty. The number of shares outstanding is not available from a primary source, so the figure cannot be calculated.
Q. This does not match the valuation I saw reported.
A. The number on screen is a per-share reference value, not an amount for the whole company. The two are built differently and cannot be compared directly.
Q. What is the oracle price based on?
A. The data includes an oracle price, but StockTicker24 has not verified how it is constructed. What has not been verified is not explained here.
Q. What happens if the company lists?
A. If a cash market comes into existence, the display switches to solid and dashed segments according to its trading hours. StockTicker24 does not write about whether or when a listing happens.
Q. What period does "Since listing" cover on the chart?
A. It runs from the earliest daily candle that could be retrieved. It does not denote a listing by the company.
Summary
- Anthropic is not listed, so there is no official share price and no published share count.
- Even so, the perpetual future as a container allows a price to form against it as a reference.
- What is shown is a per-share reference value, not the cash price of a share.
- With no primary source for the share count, no market capitalisation can be derived from this price.
- Reported valuations are built differently and cannot be converted to or from this price.
- Contracts of this kind have been carried before, and have ended.
This article explains a mechanism. It does not recommend any transaction.