On October 31, 2026, CoinDesk reported that two perpetual contracts tied to Anthropic were already trading on Hyperliquid, a decentralized exchange, with traders using leverage to bet on the company's value before it goes public. One contract implies a valuation of nearly $1.9 trillion, but that is only the result of traders bidding against each other: the contracts deliver no shares, and Anthropic has confirmed no offering price.
| Contract | What it tracks | Early trading |
|---|---|---|
| Entropy's ANTH | The company's total valuation, with one price point representing $1 billion | Reading near 1,880, implying a valuation of about $1.9 trillion |
| trade.xyz's ANT | The price of one Anthropic Class A share | Opened near $138, fell to about $110 within hours, down about 20%, with about $1.7 million in open interest and leverage of up to 10x |
What You Buy Is Price Exposure, Not Shares
Neither contract delivers shares: no stock, no distributions or voting rights, and no claim against the issuer. trade.xyz told the U.S. Securities and Exchange Commission in a letter, bluntly, that holders get only "synthetic price exposure and nothing more." Once Anthropic lists, ANT will convert into an ordinary perpetual tracking the listed share price; trade.xyz expects a listing on November 20, which Anthropic has not confirmed. If the shares have still not listed by then, a 60-day grace period applies, running to January 19, 2027 at the latest.
Anthropic has not commented publicly on the two contracts, but its help page has long warned that anyone claiming to sell its shares to the public through forward contracts, tokenized securities, or similar mechanisms is "likely offering an investment that may have no value," and that unapproved share transfers are void. CoinDesk notes that perpetual contracts deliver no shares and do not claim to represent them, and that Anthropic has not said whether its warning covers this kind of contract; the contracts are also not offered to U.S. residents.
How Much Can the $1.9 Trillion Figure Be Trusted?
Unchained calculates that contracts on seven offshore crypto exchanges imply a valuation of $1.87 trillion to $1.92 trillion, close to the top of the reported IPO target range ($1.5 trillion to $2 trillion). But the seven comparable contracts Unchained tracked that have already reached a listing missed the opening price by about 25% on average. With no public share price to copy, the operator sets a contract's opening price, while the IPO price is set independently by Anthropic and its underwriters — the two are not linked.
Leverage deserves even more caution. With ANT offering up to 10x leverage, a 10% move against a position can wipe out the collateral entirely; the roughly 20% drop in the first hour has already demonstrated that. Treating the contract price as the company's valuation mistakes traders' expectations for the company's pricing. Anthropic's valuation after a private funding round in May was about $965 billion, and between that figure and the $1.9 trillion on the contracts lies an entire unverified market.
