Low Liquidity Creating Trillion-Dollar Illusion, Anthropic On-Chain Valuation "Distortion" Turns into Mirage
BlockBeats News, May 7th, the AI giant OpenAI and Anthropic are about to go public. Currently, the public market values the two giants at around $850 billion and $380 billion, respectively. In comparison, the implied valuations in the on-chain Pre-IPO market are more exaggerated. Currently, Anthropic's implied valuation on Jupiter has skyrocketed to over $1.2 trillion, while on Hyperliquid, it is $1.143 trillion. OpenAI's implied valuation on Jupiter is $1.05 trillion.
Behind the optimistic implied valuations of AI giants in the on-chain market is actually a mirage.Currently, Anthropic's daily trading volume on Jupiter is only $1.39 million, with only 329 traders in the past 24 hours. There are only 3,530 holding addresses, less than a moderately popular meme token. Today's 329 traders have driven Anthropic's valuation to surpass $1.2 trillion and overtake OpenAI as the AI leader. A $1.2 trillion market cap is outrageous. If Anthropic successfully IPOs, it will directly become the 11th largest public company globally, creating a new myth in business history. In addition, Anthropic's daily trading volume on Hyperliquid is also in the million-dollar range, with an open interest of only $6.7 million.
If the on-chain market is a mirage, what about the traditional market? There is also a bubble cycle among AI giants.Microsoft, Nvidia, Google, Amazon, and other large-scale cloud service providers have heavily invested in companies like OpenAI and Anthropic, pouring billions of dollars, and these AI companies then use almost all the funds to purchase the investors' products—Nvidia's GPUs, Microsoft/Amazon/Oracle's cloud computing power, etc. On the surface, revenue soars and valuations surge, and everyone seems to be "making money." However, it's essentially the same money circulating within a closed loop, creating a false prosperity, relying on continuous new capital injection and high cash burn, while real profits and widespread productivity gains have yet to materialize.
