November 08, 2026 – The Hyperliquid options venue that listed SpaceX before its IPO now targets the AI lab, using a hedge market that has swung sharply.
In Summary
Hypercall plans to open synthetic, cash-settled Anthropic options on Nov. 9 for users outside the US.
The xyz:ANT perpetual on Hyperliquid has fallen 32% from its $138.00 debut to $94.29.
Hypercall launched SpaceX options on June 1, 10 days before the SpaceX IPO priced at $135.
Kalshi odds of an Anthropic IPO before Dec. 1 jumped to 79% from 58% in a day.
Anthropic’s amended S-1 shows Q3 revenue of $16.96 billion, but no price range yet.
Hypercall, an options exchange built on Hyperliquid, plans to open an options market tied to Anthropic on Monday, Nov. 9. Company executives said trading will run around the clock for users in select markets outside the United States. Anthropic shares do not trade publicly yet.
The move gives crypto traders a new way to bet on one of the year’s most watched listings. The contracts are synthetic and settle in cash. Holders will not own Anthropic stock or gain voting rights. Instead, payouts depend on a reference price at expiry.
How Hypercall Prices a Private Company
Hypercall’s oracle rules explain the plumbing. The venue reads oracle prices from Hyperliquid every two seconds. At expiry, it settles stock-linked options on a 30-minute average of that price, ending at 20:00 UTC.
For stock underlyings, the docs list perpetual futures on xyz, a market built on Hyperliquid. That market already lists an Anthropic contract, xyz:ANT. Market makers can use it to hedge the options they sell.
The hedge has been volatile. On Hyperliquid data, xyz:ANT opened at $138.00 on Oct. 26, the day Anthropic filed its S-1. It closed Friday at $94.29, down 32% from that first trade. Friday alone took it from $107.86 to $94.29.
Volatility inputs pose another test. The docs say equity volatility comes from US listed options data. Anthropic has no listed options, so it is not yet clear which source Hypercall will use.
Hypercall Has Done This Before
This is not the venue’s first pre-IPO market. Hypercall went live on June 1 with SpaceX options as its launch market. SpaceX then priced its IPO at $135 per share on June 11. Its stock closed Friday at $134.27, just below that offer price.
Trading has been lumpy since then. Hypercall handled $538.9 million in options notional volume in September, according to DefiLlama. Activity then cooled to $101.1 million in October. All-time volume stands at about $711.6 million.
Anthropic IPO Odds Swing
Meanwhile, bets on Anthropic’s timing have swung hard this week. On Kalshi, the contract for an IPO confirmed before Dec. 1 traded at 79 cents early Saturday. A day earlier, it sat at 58 cents. Odds for a deal before Jan. 1 rose to 91% from 69%.
The fundamentals behind the hype are large. Anthropic’s amended S-1, filed Nov. 2, shows third-quarter revenue of $16.96 billion. That compares with $1.38 billion a year earlier. For the first nine months of 2026, revenue reached $33.24 billion, up from $2.55 billion a year earlier.
Profit is less clear. Anthropic posted a nine-month operating loss of $1.26 billion. On its own adjusted measure, however, it earned $4.08 billion in operating income. Customers paying at least $100,000 a year passed 11,900 at the end of September.
Still, the filing leaves the price range blank, and the share count is not set. Anthropic plans to list on the Nasdaq Global Select Market under the ticker ANT.
For traders, options add one key feature over perps. A buyer can lose no more than the premium paid, and a sharp swing does not force liquidation. That matters for an asset that moved 12% in one day. Yet thin hedges and patchy data mean spreads could stay wide until Anthropic shares trade on Nasdaq.
