Anthropic IPO Perps Imply $1.9T, Above Investor Estimates
Hyperliquid contracts price Anthropic near $1.9 trillion before a listing. The volume behind that number is small.
The perpetual swaps on Hyperliquid, ANTH and ANT, imply an Anthropic valuation near $1.9 trillion, above the $1.5 trillion to $1.75 trillion investors reportedly expect. With thin volume, up to 10x leverage and no listed shares, the contracts are a noisy sentiment gauge, not a valuation.
The Ledger Desk · 4 min read- Two perpetual swaps on Hyperliquid, ANTH from Entropy and ANT from trade.xyz, now let traders take leveraged positions on Anthropic's IPO price before shares exist.
- CoinDesk reports that an ANTH reading near 1,880 equals roughly $1.9 trillion, above the Financial Times-reported $1.5 trillion to $1.75 trillion range and Anthropic's $965 billion post-money private round in May.
- ANT fell about 20% in its first hour, from near $138 to around $110, on $8.7 million of volume and $2.2 million of open interest. That is too thin to anchor a valuation.
- ANT offers up to 10x leverage, so a 10% adverse move wipes out collateral. A 45% drop in an earlier SpaceX contract liquidated 405 users.
- Anthropic has not commented publicly on the contracts, and its own help page warns that sellers of forward contracts or tokenized shares are likely offering something worthless.
Anthropic has no listed shares yet, but its IPO already has a price. According to CoinDesk's report of October 31, 2026, two leveraged perpetual swaps on Hyperliquid, ANTH and ANT, let traders bet on where the stock will land. ANTH's implied level is near $1.9 trillion, above what investors reportedly expect. The volume behind these prices is small, and the contracts are not shares, so they read as sentiment rather than a market-clearing valuation.
How the two contracts are built
Both contracts are perpetual swaps on Hyperliquid, a decentralized exchange whose trades settle on a public blockchain, and both are cash-settled in USDC, per CoinDesk. Entropy runs ANTH, priced by valuation, with each $1 of price representing $1 billion of company value. Trade.xyz runs ANT, which references one share of Anthropic's Class A stock. ANT offers up to 10x leverage, so a 10% move against a position wipes out its collateral. CoinDesk gave no leverage figure for ANTH.
What the implied price says about valuation
An ANTH reading near 1,880 would value Anthropic around $1.9 trillion, CoinDesk calculates. The Financial Times reported that investors expect a valuation of $1.5 trillion to $1.75 trillion, and Anthropic's last private round in May was at $965 billion post-money. The perpetual's implied level therefore sits above the reported expectation and roughly double the last round. This is a derivative price, not a priced offering, and no Anthropic filing in the article confirms any IPO terms.
Why the signal is thin
ANT's debut shows how little money set the price. It opened near $138 at 9 a.m. ET and fell to around $110 by about 11:50 a.m., a drop of roughly 20%, on $8.7 million of volume and $2.2 million of open interest, according to CoinDesk. Open interest that small can be moved by a handful of leveraged accounts. CoinDesk gave no volume or open interest for ANTH, so the headline valuation cannot be sized against real positions.
What the SpaceX precedent shows
The earlier SpaceX contract is a caution on accuracy and on risk. CoinDesk reports that it fell about 45% in a 30-minute window in May and liquidated 405 users, with open interest under $2.9 million. Figures cited from trade.xyz and advocates, which CoinDesk flagged as unverified, put the contract at $172.84 the day before trading, against an IPO price of $135 and an opening price of $150. Trade.xyz told the SEC that five completed markets finished within about 0.4% to 7% of the opening price.
Anthropic's position and the timeline
Anthropic has not commented publicly on the contracts, CoinDesk reports. Its help page warns that anyone selling shares through forward contracts, tokenized securities or other mechanisms is likely offering something worthless. Trade.xyz expects ANT to list around November 20, which is its own estimate and not confirmed by Anthropic. Fox Business's Liz Claman said pricing was on track for November 19 to 20. Trade.xyz's pre-IPO specification sets a 60-day grace period running through January 19, 2027.
What this means for deal-watchers
Treat these contracts as a sentiment indicator and compare them with the final IPO range, not as a forecast. Three checks matter: whether ANTH's open interest grows beyond the low millions, whether the ANT and ANTH implied levels converge, and how far the first-day opening price lands from the pre-IPO contract. The SpaceX gap between the contract and the opening price shows why a single reading is unreliable. Anthropic's own IPO documents remain the only authoritative source for terms.
- What valuation do the Anthropic IPO perpetuals imply?
- According to CoinDesk, ANTH is priced so that each $1 of price represents $1 billion of company value. A reading near 1,880 therefore implies about $1.9 trillion. That is above the $1.5 trillion to $1.75 trillion the Financial Times reported investors expect.
- Are these contracts shares of Anthropic?
- No. They are cash-settled perpetual swaps, settled in USDC, that reference an expected IPO price. Anthropic has not commented on them. Its help page says anyone selling shares through forward contracts, tokenized securities or similar mechanisms is likely offering something worthless.
- How reliable is the price signal?
- It is weak so far. ANT's debut showed $8.7 million of volume and $2.2 million of open interest while the price fell about 20%. CoinDesk gave no volume or open interest for ANTH. An earlier SpaceX contract diverged sharply from where the stock later opened.