CoreWeave Slide Widens OpenAI-Anthropic Valuation Gap on Hyperliquid

OpenAI and Anthropic's pre-IPO perpetual futures moved in opposite directions as CoreWeave shares hit a one-year low, widening the gap between the AI companies' contract-implied valuations on Hyperliquid.

OpenAI futures fell more than 4% over the prior 24 hours as of Friday morning ET and briefly implied a valuation below $1.5 trillion. Anthropic's rose 2.4%, recovering from an overnight dip and pointing to a value just above $2 trillion. Both contracts remained about 15% below highs reached last month.

These contracts do not expire, and their prices estimate private-market values rather than official valuations. Their oracle benchmarks use information such as private funding rounds and secondary-market transactions. Open interest, the combined long and short positions, topped $41 million for Anthropic and stayed below $7 million for OpenAI.

CoreWeave shares touched a one-year low Thursday, extending their yearlong decline to 54% amid concerns over its debt-financing strategy. Its relationship with OpenAI was worth at least $22 billion as of September 2025 and included a five-year data center and technology agreement. CoreWeave announced a deal in April to power Anthropic's Claude products but did not disclose its value. CoreWeave's bonds have also faced pressure.

TradeXYZ typically waits until companies' S-1 registration statements are public before listing pre-IPO contracts. Entropy IO is the current deployer behind the OpenAI and Anthropic contracts on Hyperliquid. “Liquidity will probably be deeper once TradeXYZ lists these companies,” David Schamis, CEO of Hyperliquid Strategies, said.