Anthropic Options Set for November 9 as IPO Roadshow Doubts Grow

By Daniel Okafor

Hypercall plans to open European-style options on Anthropic’s pre-IPO perpetual futures on November 9, according to Hypercall, even as Reuters reported that potential investors doubt the company’s IPO roadshow can start the following week.

What is opening on Hyperliquid?

Hypercall pointed to Anthropic’s pre-IPO perpetual futures, where traders already wager on the company’s valuation. Those contracts run on HIP-3, a Hyperliquid feature that lets developers deploy their own perpetual futures. Hyperliquid’s market data listed four Anthropic perps on Friday, from Trade[XYZ], Ventuals, Paragon and EntropyIO.

Hypercall’s documentation calls the options “European-style,” meaning they pay out only at expiry. Each contract settles in USDC against a 30-minute average of the oracle price on the underlying Hyperliquid perp. The 30-minute averaging rule means the final reference is not a single oracle update, while the selected feed remains a direct input to payout.

Which venue backs stock and index contracts?

For stocks and indices, the referenced perp sits on Trade[XYZ]’s venue. Its underlying list, last updated on November 3, does not yet include an Anthropic perp. The omission leaves the stock-and-index side of that venue without a listed Anthropic reference as the options launch approaches.

What happened in a comparable market?

Ventuals’ SpaceX pre-IPO perp fell about 45% in May after an outside provider supplied bad oracle data, triggering liquidations of more than $1.5 million in long positions. The episode shows how one external feed can disrupt a HIP-3 perp and transmit losses to leveraged traders.

For buyers, Hypercall says fully paid option holders “can lose no more than their premium” and face “no liquidation before expiry.” Those terms cap downside at the premium and remove forced liquidation before the contract’s expiration, while leaving the payoff dependent on the settlement price.

Because buyers pay the full premium up front, an adverse oracle move does not create a margin call against the option position before expiry. That structure preserves the stated loss cap but leaves the buyer’s entire premium at risk when the contract expires.

How can market makers hedge?

Market makers that sell the options can hedge on the Anthropic perps, which keep trading after U.S. exchanges close. That gives dealers an instrument for offsetting option exposure outside regular U.S. exchange hours and makes perp liquidity part of the options market’s risk management.

That continuity can reduce the need to close or replace a hedge at the U.S. close, though settlement still depends on the chosen perp’s oracle at expiry.

Can the IPO roadshow proceed?

Anthropic made its IPO filing public on October 26 and plans to list on Nasdaq under the ticker ANT. Its amended prospectus, filed on November 2, still leaves the price range blank, leaving no company-set range for investors to assess at the start of the roadshow.

Bloomberg reported the roadshow could start during the week of November 9, with a debut before Thanksgiving on November 26. On Friday, Reuters reported that potential investors doubt the roadshow can go ahead the next week.

Four people familiar with the talks told Reuters that investors are pushing for a lower valuation and view the recently discussed $1.5 trillion valuation as the high end of expectations. The pricing disagreement therefore creates a timing problem for a launch that Bloomberg had penciled in for the week of November 9.

The next checkpoints fall on November 9, when Hypercall’s options are scheduled to open and the roadshow may start, and before the proposed November 26 Nasdaq debut; any addition to Trade[XYZ]’s underlying list would be the relevant market-structure change for its stock-and-index venue.