Anthropic IPO Priced at $1.9 Trillion by Hyperliquid Traders — Is It Right?

Anthropic has not sold one share to the public yet, and crypto traders have already put a price tag of about $1.9 trillion on the whole company. That gap between a crypto bet and a real IPO price is what traders will watch until the shares finally list.

Key points:

• Two contracts on Hyperliquid do the pricing: trade.xyz's ANT, which tracks one share, and Entropy's ANTH, which tracks the full company value.
• ANT slid from about $138 at open to near $110 within hours, on about $8.7 million of trading.
• Here is the catch: You get no shares, no votes, and no claim on Anthropic — just cash, settled in USDC, if your price call is right.

The contracts are perps, which never expire. ANT follows one Class A share, while ANTH is priced by company value, so each $1 stands for $1 billion of value. A reading near 1,880 puts the company at about $1.9 trillion. Trade.xyz sets the starting price itself, since no public share price exists yet, and it can halt trading, with positions then settled at the mark price.

Anthropic filed its IPO papers on October 26, and news reports put the target value at $1.5 trillion to $1.75 trillion, with pricing expected around November 19 to 20. Crypto's $1.9 trillion sits above that range, and above the $965 billion value from Anthropic's last private round in May. Unchained, which tracked seven such pre-IPO contracts, found they missed the opening trade by about 25% on average — a plain warning that an early crypto price is a guess, not a promise.

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My own read is simple: I would trust the real IPO book and the first day of real trading far more than a thin pre-IPO price set by one venue.

Why should traders be careful with this bet?

The risk is plain. ANT lets traders use up to 10 times the money they put in, so a 10% move the wrong way wipes out the cash behind the bet. Thin trading can swing the price fast: a SpaceX contract on the same setup fell about 45% in 30 minutes in May and wiped out 405 traders. Anthropic's own help page warns that anyone claiming to sell its shares to the public through forward contracts or tokenized shares is most likely offering something worthless, and these perps hand over no shares at all. United States traders are barred from these markets, and trade.xyz says it blocks them by location and wallet checks.

Watch November 20 first. Trade.xyz expects the contract to turn into a standard perp that tracks the listed stock once Anthropic starts trading, and if the listing slips, it has until January 19, 2027, to convert. If the stock has still not listed by then, the contract settles in cash at the average price since launch. Either way, the first real share price will settle the bet crypto traders have already placed.

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— BitByLine News Desk

This post is news only, not financial advice. BitByLine never tells anyone to buy or sell crypto, and whether you buy or not is always your own call and your own risk, so do your own research first. Read our full Disclaimer.

Sources: CoinDesk, Unchained