Anthropic Pre-IPO Perp Closes at $103.93, 33.2% Above Range

Anthropic’s pre-IPO perp closed at $103.93 on November 11, 2026, 33.2% above the $78 ceiling in its amended S-1. Trade.xyz deployed the contract, ticker xyz:ANT, on the Hyperliquid blockchain, where it recorded approximately $109 million in 24-hour trading volume.

Open interest stood between $105.6 million and $108 million. That measure covers positions still open and unsettled, separating the standing book from completed turnover over the previous day.

What does the perp price say about demand?

Anthropic, the Claude developer, submitted its amended S-1 on November 10, 2026, one day before the perp traded at $103.93. The filing set an expected range of “$70 to $78 per Class A share.”

The company plans to offer 825 million shares in total. At the high end of that range, the post-offering valuation could land close to $1 trillion, according to the report.

The 33.2% premium over the ceiling indicates that at least one group of market participants expects Anthropic to trade well above the price its bankers plan to set. That conclusion carries limits: xyz:ANT is a leveraged, crypto-native synthetic product, not the institutional order book that ultimately sets an IPO price.

During Anthropic’s May 2026 Series H round, valuations peaked at $965 billion. Pre-IPO perpetuals across other venues carry open interest in the hundreds of millions of dollars, and those markets often value companies above the midpoint of their IPO ranges.

The $109 million daily turnover and $105.6 million-to-$108 million open-interest range describe a substantial market in a synthetic instrument. That turnover can express a view on a future listing without transferring ownership of Anthropic stock.

How does xyz:ANT work?

Trade.xyz’s contract provides synthetic exposure to the expected value of one Anthropic Class A share after the IPO. Its terms make the distinction explicit: “No actual shares change hands at any point.”

The contract settles in USDC, a dollar-pegged stablecoin, so profits and losses move in digital dollars rather than equity. USDC therefore serves as the settlement asset for positions in a contract that never transfers Class A shares.

Unlike a traditional dated futures contract, xyz:ANT has no fixed expiry. Positions can remain open as long as traders keep them funded, allowing the exposure to persist without a dated contract expiry.

Traders can use leverage of up to 10x. A 10x setting concentrates gains and losses in the same position, while exposing holders to a gap between the final IPO price and the perp’s quoted level. If that gap changes abruptly, sharp swings could squeeze overextended traders out of their positions.

Before the expected public listing, the instrument retains its pre-IPO structure. At listing, it converts into a standard equity perpetual that tracks the actual traded Anthropic stock, replacing the synthetic exposure with a contract tied to the listed security.

What is the next deadline?

The next checkpoint is the finalization of IPO terms, expected around November 18. A trading debut is anticipated shortly afterward, with conversion to the equity perpetual following the listing.

Until those terms are set, $103.93 remains an indicative, leveraged quote rather than a confirmed IPO price. The November 18 target therefore functions as the operational deadline for the current pre-IPO structure.