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About $250 million traded across two Anthropic trackers in 24 hours, CNBC reported. The speculative contracts are not a confirmed forecast of the stock’s debut.
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A Hyperliquid pre-IPO contract implied Anthropic shares were worth $98 on November 10, above the $70–$78 range in the company’s updated registration filing. The premium is a signal of sentiment among traders in that offshore market, not a confirmed valuation or reliable forecast of IPO performance. The contract’s swings and restricted U.S. access make its price a limited gauge; Anthropic’s eventual offering price and first-day trading will provide the public-market test.
The contract opened near $138 about two weeks earlier, mostly traded between $110 and $120, then briefly dropped below $94 during a technology-stock selloff.
Roughly $250 million traded across Hyperliquid’s two Anthropic trackers in the prior 24 hours; that figure does not apply to the $98 contract alone.
CNBC put the contract’s implied market capitalization at about $1.7 trillion, an inference from trading rather than capital raised by Anthropic.
Traders on Hyperliquid are pricing Anthropic above its proposed stock-market offering range. A pre-IPO contract implied a $98 share price on November 10, versus the company’s stated $70–$78 range, CNBC reported. That puts a bullish bet on the AI company’s debut into view—but it is a speculative contract price, not an established outcome.
The instrument is a pre-IPO perpetual: a contract intended to track the price of a private company before its shares reach public markets. CNBC’s Oliver Renick described these contracts as a possible clue to the first-day reaction, while stressing how difficult that reaction is to predict.
The contract’s short trading history has already included a substantial reversal. It opened about two weeks before CNBC’s report at $138, then traded mostly between $110 and $120. During the previous week’s technology-stock selloff, it fell below $94 at one point. The latest $98 reading was therefore well below its opening level, even while remaining above Anthropic’s proposed offering range.
The market has attracted sizable activity. About $250 million traded across Hyperliquid’s two Anthropic trackers in the preceding 24 hours, according to exchange figures cited by CNBC. That total covers both trackers; it is not a volume figure solely for the contract carrying the $98 implied share price.
Access also limits whose bets the market captures: trading on Hyperliquid was unavailable to U.S. investors at publication. The price therefore reflects participation in an offshore contract market, rather than an unrestricted opportunity for American investors to buy Anthropic stock.
CNBC put the contract’s implied market capitalization at roughly $1.7 trillion. That is a valuation inferred from the trading instrument—not money Anthropic has raised. The eventual offering price and first-day stock performance remain the outcomes against which this pre-listing bet would have to be judged.
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