Anthropic before its IPO: what you can buy and what trades
Anthropic is still a private company, so there is no Anthropic stock price to look up and no listed share to buy yet. The company's own announcement is the reference point: on October 26, 2026 Anthropic, PBC filed a Form S-1 with the SEC for a proposed IPO of its Class A common stock, which it intends to list on the Nasdaq Global Select Market under the symbol “ANT”; the number of shares and the price range were not yet set, and the registration statement was not yet effective. Until the offering is priced and the shares start trading, Anthropic raises money through private funding rounds. The latest one it announced, on May 28, 2026, raised $65B at a post-money valuation of $965B. What Hyperliquid lists is something else: perpetual futures that let you hold a long or short position on Anthropic's value with USDC margin, without owning any share. This page is not affiliated with or endorsed by Anthropic, and neither are the markets it describes.
What io:ANTH tracks: company value, not a share price
The most traded Anthropic market at build time is io:ANTH, listed by Entropy, the HIP-3 deployer of the io dex (EntropyIO in Hyperliquid's API), with oracle feeds run by RedStone. The Hyperliquid app shows it as ANT-USDC with the deployer tag io. Its price is not a share price. Entropy quotes private companies by total value because their share counts are uncertain: each $1 of the price stands for $1 billion of the company's market value. At build time the mark was $1,824.5, which stands for about $1.82 trillion of company value, roughly 1.9 times the Series H post-money. That figure is set by trading on Hyperliquid, not by Anthropic, its investors or an exchange, and it moves whenever the balance of orders moves.
How the price is formed without a listed share
For a listed stock the oracle copies the exchange price. Here there is nothing to copy, so Entropy publishes a blend of the market's own order book (a 5-minute moving average of the mid) and an aggregate of private-market data delivered by RedStone; the deeper the book, the more weight it gets, up to 95%. The mark that decides your margin and liquidation is the market's own 5-minute moving average of the mid, held inside the bounds; orders can still trade outside them. In practice the number you see is mostly Hyperliquid order flow; the outside data counts for more only when the book is thin. The bounds are wide on purpose: 300 to 4,200 (about $300 billion to $4.2 trillion of implied value); the mark and oracle are held at the nearer bound beyond it. At build time the price could fall about 84% or rise about 130% before either bound held the mark, so they are a catastrophe stop, not a daily limit like the discovery bounds on trade.xyz stock perps. Funding is paid every hour but is kept small on purpose: Entropy runs it at 0.125x the standard Hyperliquid rate, because its outside data is sparse and the perp is meant to lead that data rather than be dragged back to it.
Three Anthropic markets, two units
Two other deployers list Anthropic, and their prices look nothing like io:ANTH's because they count in shares. trade.xyz opened its market on the day of the S-1: trade.xyz's xyz:ANT references one Anthropic Class A share (Nasdaq: ANT) and converts to a normal stock perp after the listing; it opened from a $125 reference with ±50% bounds and 3 re-anchors, 10x, cross margin and funding at 1% of the normal rate. Paragon counts in shares too: Paragon's para:ANTH tracks the expected value of one Anthropic share (launch reference $110, ±50% bounds with 5 re-anchors, 10x, isolated margin); Paragon may reset its price to an announced offering price in one step. A price of $1,824.5 on Entropy next to $113.35 on trade.xyz is therefore not a price gap to trade away: one is company value ($1 of price = $1 billion of value), the other dollars per expected share, and converting between them needs a share count that the deployers themselves describe as an estimate. Where the volume is: in the 24 hours before this build io:ANTH traded $29.8M, xyz:ANT $13.3M and para:ANTH $20.1K. Compare positions in dollars, not in prices, and read each deployer's rules before you size a trade. One more name turns up in older news: an earlier Anthropic market from Ventuals (vntl:ANTHROPIC) is delisted.
What happens when Anthropic lists
Entropy's rule for an IPO or direct listing: three calendar days before an announced listing the oracle switches to a 1-hour moving average of the mark; once a public share price exists the oracle follows the listed stock, but the contract stays in market-cap units ($1 = $1 billion); if the listing is postponed or withdrawn, the pre-IPO oracle resumes. The last part is easy to miss. After the listing, io:ANTH keeps quoting the company's market value rather than the price of one ANT share, so its number will never look like the Nasdaq quote, even while it follows it; Entropy's docs do not say which share count it will use for that conversion. trade.xyz's market works the other way round: under its pre-IPO rules, once the company lists and external prices are sufficient (typically from the first regular session after the listing), the same contract converts into a standard equity perp with an external oracle. trade.xyz's xyz:ANT has a contract deadline: if Anthropic has not listed by January 19, 2027 (the end of its listing grace period), the market can move to trade.xyz's alternative settlement for an extraordinary delay; that is a term of the contract, not a listing date. If no listing comes, Entropy's no-IPO rule applies instead: each contract has a scheduled end two years after it was announced; if the company is still unlisted then, it is cash-settled at the 6-month average of the mark (Entropy's legal page says a 30-day average for the same case); an early-settlement notice settles at the 30-day average, and a confirmed takeover at the deal's market value. For io:ANTH that scheduled end is August 18, 2028.
Risks that belong to this market
- News moves it in jumps. Hyperliquid's daily candles show it: between August 19 and October 27, 2026 the daily high peaked at 2,359.3 (September 9) and the daily low bottomed at 1,767.9 (August 19); on October 26, the day of the S-1, the market traded between 1,856.8 and 1,980.9, a 6.7% range. A newly opened market swings too: in its first hour of trading (October 26, 2026, 14:00 UTC) xyz:ANT swung between 109.05 and 138.41. At the maximum 15x on isolated margin a long is liquidated after a fall of roughly 3.4%, less than the 6.7% the market covered on the S-1 day.
- Thin, mostly internal data. Price discovery happens on one order book, and the external aggregate is a minority input whose scoring Entropy keeps internal. A large order moves the mark, and the mark moves your liquidation level.
- No backstop vault. According to Entropy's docs, there is no liquidator vault behind these markets yet, so when order-book liquidation fails, profitable positions on the other side can be closed by auto-deleveraging.
- The rules can change. On October 20, 2026 Hyperliquid's API listed io:ANTH at 6x; at build time it allowed 15x. Entropy announces material changes in its changelog at least two weeks ahead, except urgent ones, and may change the bounds and caps at its discretion.
Who may not trade it, and how eligible traders open it
Two sets of terms apply. Hyperliquid's Terms exclude the US, Ontario (Canada) and sanctioned jurisdictions (plus citizens of sanctioned jurisdictions), and Entropy's Terms (§2.2) exclude U.S. persons and anyone in the US, Canada, Panama, the UK or a country on its Restricted Jurisdictions list (including Australia, Singapore, Russia, Ukraine and most EU and EEA countries), plus sanctioned persons. Both forbid using a VPN or proxy to get around those limits. If neither covers you, the order of steps matters for fees:
- Open a Hyperliquid account before your first deposit. Joining with code HOLYGRAIL (how the HOLYGRAIL code works) gives 4% off trading fees on your first $25M of volume, HIP-3 markets such as this one included; the code can only be added before $10,000 of volume.
- Deposit USDC and enable trading in the same browser.
- Search for ANT and choose the market tagged io (io:ANTH); the Hyperliquid app marks the market as deployed independently by io and asks you to confirm a HIP-3 deployer disclaimer before trading it.
- Pick your leverage below the maximum (isolated margin only), set a stop, and size the position knowing that one headline can carry the price through your liquidation level.