Anthropic IPO Futures Price Company Near $1.9 Trillion as Whales Add Shorts
Anthropic’s IPO filing has sparked trading in two pre-IPO perpetual contracts on Hyperliquid, with both implying a company valuation near $1.9 trillion. As of 13:35 Taiwan time on 27 October, trade.xyz’s ANT contract was at $114.42, implying a valuation of about $1.94 trillion; Entropy’s ANTH contract was at $1,880.8, or about $1.88 trillion.
ANT fell from an opening price of $138 to an hourly low of $109.05, a drop of about 21%. Its open interest was worth roughly $5.24 million, and positions were mostly small. ANTH had about $52.36 million in open interest, around ten times ANT’s level. The largest new position highlighted in the article was an ANTH short worth about $5.57 million, entered at an average price corresponding to a valuation of roughly $1.95 trillion.
The contracts use different pricing methods and neither gives traders Anthropic shares or IPO allocation rights. Both settle in USDC. The activity reflects speculative bets on Anthropic’s potential listing valuation, not direct demand for crypto assets.
Neutral
The news is neutral for the broader cryptocurrency market. ANT and ANTH are contracts tracking Anthropic’s prospective equity valuation, not crypto tokens, and the contracts do not confer ownership or IPO access. Their price moves therefore offer little direct information about demand for major cryptocurrencies or the health of crypto markets.
In the short term, the contracts may see volatility as traders react to the IPO filing, changing valuation assumptions and large leveraged positions. ANT’s sharp first-hour decline and the sizable ANTH short show that early trading is speculative and can be sensitive to thin liquidity or position changes. Liquidations or shifts in these positions could amplify moves in the contracts, but any spillover to wider crypto markets is likely limited.
Over the longer term, the contracts could serve as a venue for price discovery around private-company valuations. As with previous pre-IPO or tokenised-equity speculation, quoted prices may diverge from eventual listing prices because of leverage, restricted liquidity and differences in contract design. The article reports no broad crypto-market indicators or major-asset price changes that would support a bullish or bearish market-wide conclusion.