Quick answer: Crypto traders are betting on the Anthropic IPO with leveraged perpetual contracts on Hyperliquid. At 11:50 UTC on Nov. 1, 2026, EntropyIO’s ANTH market implied a valuation of about $1.81 trillion, and trade.xyz’s ANT contract traded near $112.44, per Hyperliquid’s public API. Neither contract gives any claim on Anthropic shares.
The Anthropic IPO has not happened yet, but crypto traders already price it every minute on Hyperliquid. Two leveraged contracts there value the AI company at about $1.8 trillion, yet neither one is backed by a single share.
What happened with the Anthropic IPO contracts
Anthropic filed its S-1 registration with the U.S. Securities and Exchange Commission on Oct. 26, 2026, Markets Media reported. The same day, trade.xyz launched ANT, a pre-IPO perpetual contract that references one Anthropic Class A share.
The debut was rough. CoinDesk reported that ANT opened near $138 and slid to about $110 within three hours, with up to 10x leverage. At that setting, a 10% move against a trader wipes out the collateral.
A second market, EntropyIO’s ANTH, tracks valuation instead. Each $1 of price stands for $1 billion of company value. It has traded since August, according to DefiLlama research.
Live data: where the Anthropic IPO bets stand now
We pulled both markets from Hyperliquid’s public API at 11:50 UTC on Nov. 1, 2026. ANT had a mark price of $112.44, with $6.5 million of volume over 24 hours. Its open interest was about 349,000 contracts, or roughly $39 million at that price.
Since its first hour, ANT has stayed in a fairly tight band. Hourly prices ranged from $107.10 to $121.12. So the opening price looks like an outlier, not a fair starting point.
ANTH marked at 1,807, which implies a valuation of about $1.81 trillion. Its 24-hour volume was $16.5 million. Open interest stood near 41,000 contracts, about $75 million.
The chart shows a clear trend. ANTH’s daily close peaked at 2,279.5 on Sept. 9, so the market has cut its implied value by about 21% since then. It briefly dipped to 1,683.6 on Oct. 30, during the wider tech and crypto sell-off that also gave bitcoin its worst October since 2014.
Why it matters
For context, DefiLlama says Anthropic was valued at about $965 billion in its May 2026 Series H round. On that basis, the ANTH market is pricing the company at almost twice its last private value. That gap is the bet. Traders expect public investors to pay far more than late-stage funds did.
However, the price has no anchor yet. With no public stock, the operator sets the starting reference, and the order book does the rest. CoinDesk notes that trade.xyz chooses the price sources, sets leverage limits and open-interest caps, and can halt trading. In other words, early prices reflect opinion and borrowed money, not a market for real shares.
The track record is mixed. Markets Media says earlier pre-IPO contracts closed within an average of 25% of the IPO issue price. That helps for direction, but it is a wide error for anyone using 10x leverage.
Anthropic itself warns buyers. Its help page says anyone claiming to sell its shares to the public through forward contracts or tokenized securities is probably offering something worthless, Finst reported. The company has not said whether that warning covers perps.
This fits a bigger shift on Hyperliquid. Builders now list stocks, commodities and private companies through its HIP-3 system, which is why ICE is bringing Hyperliquid perps to U.S. traders. The same thin liquidity can bite, though, as the XPL crash that hit the HLP vault showed this morning.
Risks: thin books and operator rules
Liquidity is the main risk. In May, a SpaceX contract on Hyperliquid fell about 45% in 30 minutes and liquidated 405 users, CoinDesk reported. Open interest in that market was under $2.9 million.
Access is also limited. Trade.xyz says its markets are not offered to U.S. users, and Hyperliquid’s terms bar the U.S., Ontario and sanctioned regions. Meanwhile, the CFTC approved its first U.S. perpetual in May and flagged equity-based perps for joint review with the SEC, which could shape how these products grow.
Markets were calm when we checked. CoinGecko showed bitcoin at $77,882, ether at $2,267 and Hyperliquid’s HYPE token at $87.76, down 0.4% in 24 hours, at 11:50 UTC.
What to watch next for the Anthropic IPO
Trade.xyz has set Nov. 20 as its expected listing date, but Anthropic has not confirmed it. On listing day, ANT converts into a standard perp that tracks the real stock. If the listing slips, there is a 60-day grace period through Jan. 19, 2027. After that, ANT settles in cash at its average traded price since launch.
Watch three numbers. The first is the IPO price range in Anthropic’s amended filings. The second is whether ANTH holds near $1.8 trillion once that range is public. The third is open interest, since a crowded trade with high leverage tends to unwind fast on listing day.
Anthropic IPO perps FAQ
Can I buy Anthropic shares on Hyperliquid?
No. ANT and ANTH are perpetual swaps that pay out only on price moves. They give no shares, no IPO allocation, no voting rights and no claim against Anthropic, according to CoinDesk and Markets Media.
What valuation do traders give the Anthropic IPO?
At 11:50 UTC on Nov. 1, 2026, EntropyIO’s ANTH market marked at 1,807, which implies about $1.81 trillion. That is about 21% below its Sept. 9 peak close, per Hyperliquid’s public API.
What happens if the Anthropic IPO is delayed?
Trade.xyz expects a Nov. 20 listing. If it slips, ANT has a grace period through Jan. 19, 2027. If Anthropic still has not listed, the contract settles in cash at its average price since launch.
Sources
- CoinDesk: Traders are already placing leveraged bets on Anthropic’s IPO using crypto contracts
- Markets Media: Anthropic pre-IPO perpetuals go live
- DefiLlama Research: The rise of HIP-3 pre-IPO markets
- Finst: Hyperliquid contracts tied to Anthropic attract millions
- Hyperliquid API docs: info endpoint (ANT and ANTH market data, Nov. 1, 2026)
- CoinGecko: Hyperliquid price
This article is for information only and is not financial advice.
