Traders Bet on Anthropic’s IPO With Leveraged Hyperliquid Perpetual Contracts

Even though Anthropic’s stock market debut is still weeks away, traders are already placing leveraged bets on it. Two perpetual swap contracts on Hyperliquid make this possible: Entropy’s ANTH and trade.xyz’s ANT. Neither delivers shares or claims to represent them. Anthropic’s help page warns that anyone offering its shares through forward contracts or tokenized securities is likely selling something worthless, though it has not said whether that covers perpetuals.

How Pre-IPO Perpetuals Set Prices

With no public price to copy, the operator picks the starting level. ANTH is priced by valuation, where $1 equals $1 billion, so a reading near 1,880 implies roughly $1.9 trillion. ANT tracks one Class A share and opened near $138 before sliding to about $110, with leverage up to 10 times. It settles in USDC, and winners are paid by losers.

IPO Timeline and Valuation Expectations

Anthropic has not confirmed, and the contract converts to a standard perpetual afterward. If the listing slips, a grace period runs through January 19, 2027. Investors reportedly expect a valuation of $1.5 trillion to $1.75 trillion, against $965 billion in May.

Risks of Trading Pre-IPO Perps

Thin liquidity and heavy leverage can cause violent swings. A SpaceX contract fell about 45% in thirty minutes in May, wiping out 405 users. US traders are barred from the platform.