AI's new king "is no better than a mongrel," a million-dollar trading volume transforming into Anthropic's trillion-dollar mirage

BlockBeats News, May 7 — AI giants OpenAI and Anthropic are nearing their IPOs. Currently, the public market valuations for the two giants are approximately $850 billion and $380 billion, respectively. In comparison, the implied valuations in the on-chain Pre-IPO market are even more exaggerated. Anthropic’s implied valuation on Jupiter has soared past $1.2 trillion, and 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, it’s actually a mirage. Currently, Anthropic’s daily trading volume on Jupiter is only $1.39 million, with just 329 traders in the past 24 hours, and only 3,530 addresses holding positions — less than a moderately popular meme token. Today, these 329 traders drove Anthropic’s valuation to break through $1.2 trillion, surpassing OpenAI to become the AI leader. How exaggerated is a $1.2 trillion market cap? If it successfully IPOs, Anthropic will directly become the 11th largest publicly traded company in the world, creating a new myth in business history. Additionally, Anthropic’s daily trading volume on Hyperliquid is also in the millions of dollars, with an open interest of only $6.7 million.

On the blockchain, it’s a mirage — what about the traditional markets? The bubble cycle is also rampant among AI giants. Microsoft, Nvidia, Google, Amazon, and other massive cloud service providers are heavily investing in large model companies like OpenAI and Anthropic, often injecting hundreds of billions of dollars. These AI companies then use almost all their funds to purchase investor products — Nvidia GPUs, cloud computing power from Microsoft/Amazon/Oracle, etc. On the surface, revenue surges and valuation skyrockets, with all parties “making money,” but in reality, it’s the same money circulating within a closed circle, creating a false illusion of prosperity, relying on continuous new capital injections and high spending, while real profits and broad productivity improvements have yet to materialize.