Hypercall said on Friday that it will open options tied to Anthropic’s pre-IPO price on Monday, November 9, as the AI company prepares for its Nasdaq listing.
The contracts go live at 8 a.m. EST and trade around the clock, weekends included. Traders can buy calls and puts or combine them into spreads. Those options are synthetic and settle in cash.
Hypercall, a Synapse product, is an options exchange built on Hyperliquid. The platform reported $536 million in options notional volume in September. Its existing markets cover SpaceX, the S&P 500, large US stocks, Bitcoin (BTC), and Ethereum (ETH).
Options Settle on Perp Prices
Hypercall pointed to Anthropic’s pre-IPO perpetual futures on Hyperliquid, where traders already bet on the company’s valuation. Those markets 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. Those four come from Trade[XYZ], Ventuals, Paragon, and EntropyIO.
Moreover, Hypercall’s documentation says its options are European-style, so 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.
For stocks and indices, that perp sits on Trade[XYZ]’s venue. Its list of underlyings, last updated on November 3, does not yet include an Anthropic perp.
Ventuals’ SpaceX pre-IPO perp fell about 45% in May after bad oracle data from an outside provider and liquidated more than $1.5 million in long positions. Hypercall said buyers of fully paid options can lose no more than their premium and face no liquidation before expiry.
Likewise, market makers that sell those options can hedge on the Anthropic perps, which keep trading after US exchanges close.
Roadshow Timing Draws Doubts
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.
Bloomberg had reported the roadshow could start the week of November 9, with a debut before Thanksgiving on November 26. On Friday, Reuters reported potential investors doubt that the roadshow can go ahead next week.
Four people familiar with the talks told the agency investors are pushing for a lower valuation because they see the recently discussed $1.5 trillion valuation as the high end of expectations.
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