Anthropic’s IPO is still weeks away, but traders are already betting on it with borrowed money.
Two contracts on Hyperliquid, a decentralized crypto exchange whose trades settle on a public blockchain, make that possible: Entropy’s ANTH and trade.xyz’s ANT.
While Anthropic hasn’t commented publicly on the contracts, its help page says that anyone claiming to sell its shares to the public through “forward contracts,” tokenized securities, or other mechanisms is likely offering something worthless.
The Entropy and trade.xyz contracts, which are perpetual swaps, don’t deliver shares or claim to represent them. Anthropic hasn’t said whether its comment extends to perpetual contracts, which are futures agreements that never expire.
“Every other 24/7 tradfi market on Hyperliquid mirrors a price that already exists somewhere else BUT pre-IPO markets create one where none has ever traded, which is why I believe they are the most revolutionary product trade[XYZ] has shipped,” DeFi researcher Petro Dmytrilev wrote on X. “An IPOP conveys no shares, no allocation, no voting rights, no claim against the issuer, price exposure only.”
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