Anthropic has not formally listed, but two perpetual contracts tied to its prospective public-market price are already trading on decentralized exchange Hyperliquid.
According to CoinDesk, the ANT contract launched by trade.xyz opened at about $138 at 9 a.m. Eastern Time on Oct. 31 and fell to around $110 by roughly 11:50 a.m., a drop of about 20%. Another contract, ANTH, launched by Entropy, is priced on a company valuation basis, with each $1 representing $1 billion in valuation. At the time of CoinDesk’s report, ANTH traded near 1,880, implying an Anthropic valuation of about $1.9 trillion.
ANT tracks one Class A share with up to 10x leverage
ANT tracks the price of one Anthropic Class A common share and settles in USDC. The contract offers leverage of up to 10x, meaning a 10% move against the position would wipe out margin. At the time cited by CoinDesk, ANT had posted about $8.7 million in trading volume and around $2.2 million in open interest.
trade.xyz said that once Anthropic stock begins trading, ANT will convert into a standard equity-price perpetual contract, usually during the first regular trading session after listing. The platform estimated Nov. 20 as the listing date, but said that was its own estimate and had not been confirmed by Anthropic. If the IPO is delayed, the contract includes a 60-day grace period through Jan. 19, 2027. If Anthropic still has not listed by then, the contract will be cash-settled using the average traded price since launch.
Based on public Hyperliquid market data, as of noon Taipei time on Nov. 1, ANT’s mark price was about $113 and its 24-hour trading volume was about $7.17 million. ANTH traded near 1,806, implying a valuation of roughly $1.8 trillion, with about $17.69 million in 24-hour volume.
Implied valuation sits above Anthropic’s May private-round mark
CoinDesk said Anthropic’s May private financing valued the company at $965 billion on a post-money basis. The Financial Times reported that investors expected the IPO valuation to land between $1.5 trillion and $1.75 trillion. Fox Business anchor Liz Claman said IPO pricing was still scheduled for Nov. 19 to Nov. 20.
The actual listing price, however, will be determined by Anthropic and its underwriting banks, not by the prices of these derivatives.
trade.xyz says prior pre-IPO markets finished within 0.4% to 7% of opening prices
In a letter to the U.S. Securities and Exchange Commission, trade.xyz said the five pre-IPO markets it has completed ended with final prices that differed from the underlying stocks’ opening prices by about 0.4% to 7%. CoinDesk noted that this claim has not been independently verified.
The contracts do not represent actual shares
Neither contract is backed by actual Anthropic stock, and holders have no rights in the company. DeFi researcher Petro Dmytrilev wrote on X that these pre-IPO perpetuals 「do not represent any shares, allocation, voting rights, or claims on the issuing company, only price exposure」.
He also said the starting price, pricing rules, leverage cap, and open-interest cap are set by the operator, which can also suspend trading.
On an official information page, Anthropic warned that any stock transfer not approved by its board is invalid. It also said that if a third party claims to sell Anthropic shares to the public through forward contracts, tokenized securities, or other means, the investment offered could be worthless because of transfer restrictions. Anthropic did not say whether that warning also applies to perpetual contracts.
Similar contracts have seen sharp swings before
CoinDesk said a SpaceX contract on Hyperliquid fell about 45% in 30 minutes in May, liquidating 405 users while open interest was still below $2.9 million.
trade.xyz said it does not offer these markets to U.S. users and uses geoblocking and wallet screening to restrict access. Hyperliquid itself does not conduct identity verification.
