"Pre-IPO instruments trading onchain, backed 1:1 by SPV exposure on Jupiter, are providing a real-time proxy for the company’s implied IPO valuation."

Correction: crypto investors are bidding Anthropic up to $1tn.

Institutional markets are closer to $800 to 900bn. So the crypto investors are directionally correct, relative to last valuation and OpenAI, but of course paying top tick.