According to BlockBeats, on May 7th, AI giants OpenAI and Anthropic are nearing their IPOs, with current public market valuations of approximately $850 billion and $380 billion respectively. In comparison, the implied valuations in the on-chain pre-IPO market are even more staggering. Anthropic's implied valuation on Juipter has surged past $1.2 trillion, while on Hyperliqud it stands at $1.143 trillion. OpenAI's implied valuation on Juipter is $1.05 trillion.
The optimistic implied valuations of AI giants in the on-chain market are actually a mirage. Currently, Anthropic's daily trading volume on Juipter is only $1.39 million, with just 329 traders in the past 24 hours and a total of only 3,530 holding addresses—less than a moderately popular meme token. Today's 329 traders have propelled Anthropic's valuation past $1.2 trillion, surpassing OpenAI to become the AI leader. How staggering is a $1.2 trillion market capitalization? If it successfully IPOs, Anthropic will instantly become the 11th largest listed company globally, creating a new legend in business history. Furthermore, Anthropic's daily trading volume on Hyperliqud is also in the millions of dollars, with an open interest of only $6.7 million.
If the blockchain is a mirage, what about the traditional market? A similar bubble cycle exists among AI giants. Massive cloud service providers like Microsoft, Nvidia, Google, and Amazon are investing heavily in large-scale companies like OpenAI and Anthropic, often injecting hundreds of billions of dollars. These AI companies then use almost all of this money to buy products from investors—Nvidia's GPUs, Microsoft/Amazon/Oracle's cloud computing power, etc. On the surface, revenues are skyrocketing, valuations are soaring, and everyone seems to be "making money." But in reality, the same money is circulating aimlessly within a closed circle, creating a false sense of prosperity, relying on continuous new capital injections and high-cost burning, while real profits and widespread productivity improvements have yet to materialize.
