Anthropic’s pre-IPO perp closes at $103.93, 33% above its filed range

Anthropic submitted an amended S-1 registration statement on November 10, 2026, outlining an expected share price range of $70 to $78. The company plans to offer 825 million shares, with a post-offering valuation potentially reaching $1 trillion at the high end of the range.

The next day, the derivatives market delivered a different verdict. A pre-IPO perpetual futures contract tracking Anthropic’s stock, listed under the ticker xyz:ANT, closed at $103.93 on Hyperliquid, a 33.2% premium over the $78 ceiling.

The contract, deployed by Trade.xyz, logged approximately $109 million in 24-hour trading volume. Open interest, representing the total value of unsettled positions, ranged between $105.6 million and $108 million.

How synthetic exposure works

Technically, xyz:ANT offers synthetic exposure to the expected value of one Anthropic Class A share after the IPO. No actual shares change hands, and the contract settles in USDC, the dollar-pegged stablecoin.

As a perpetual future, the contract has no fixed expiry date. Positions can stay open as long as traders keep them funded, and traders can use up to 10x leverage.

The pre-IPO structure runs until the expected public listing, at which point the contract converts into a standard equity perpetual tracking the actual traded stock.

Market signals and risks

The premium suggests at least one group of market participants expects Anthropic to trade well above where its bankers plan to price it. However, the perp market is a leveraged, crypto-native crowd trading a synthetic product, not the institutional order book that ultimately sets an IPO price.

Leverage is the biggest risk. With positions running up to 10x, a gap between the final IPO price and where the perp trades could trigger sharp swings as overextended traders get squeezed out.

The next checkpoint is the finalization of IPO terms, expected around November 18, with a trading debut anticipated shortly after.