The spread is widening between AI leaders OpenAI and Anthropic as a sell-off in CoreWeave leads neocloud stocks lower.

OpenAI's valuation is down more than 4% the past 24 hours after briefly slipping under $1.5 trillion, according to perpetual futures pricing on decentralized exchange Hyperliquid. Meanwhile, Anthropic perps are up 2.4% over the same time period, recovering an overnight dip and indicating a valuation of just over $2 trillion.

Perpetuals are bets that never expire. They maintained by "deployers" on Hyperliquid's blockchain infrastructure that determine a funding rate for going long or short the futures based on a spot "oracle" price that uses third-party data like private funding rounds and secondary market transactions to estimate private-market prices.

Open interest, defined by Hyperliquid as the sum of long and short positions on a contract, is more than five times bigger in Anthropic than OpenAI — more than $41 million, compared to less than $7 million in OpenAI.

Right now the deployer behind these pre-IPO contracts – the developer building the exchange – is Entropy IO. TradeXYZ, the most prominent developer on the platform, typically does not list pre-IPO perps until S-1s are public, according to David Schamis, CEO of Hyperliquid Strategies, the publicly traded treasury company that invests in the HYPE token that powers the exchange.

"Liquidity will probably be deeper once TradeXYZ lists these companies," Schamis said in a call. "Generally these will trade at a premium to the IPO price but they do a good job predicting where it will be post-IPO."

The bigger price drop in OpenAI perps reflects the company's closer ties to GPU rent-a-center CoreWeave, whose shares touched a new one-year low Thursday, extending a decline over that period to 54%, as concerns mount over the company's debt-financing strategy.

In April, CoreWeave announced a deal with Anthropic to power the company's Claude products, but did not disclose the value of the deal. The company's relationship with OpenAI stretches back further, and as of September 2025 was worth at least $22 billion including a 5-year agreement to provide datacenters and technology.

While OpenAI perps are falling more than Anthropic the past 24 hours, the two are both down about 15% from highs last month, according to Hyperliquid pricing.