Entropy

Crypto traders are already wagering on Anthropic’s expected IPO through perpetual contracts on Hyperliquid, even though the products are not backed by company shares. The trade.xyz ANT contract dropped about 20% in its first hour as market participants tested a high-risk market with up to 10-times leverage.

Anthropic-linked pre-IPO perpetual futures traded slightly lower even as the AI firm outlined an enormous cloud, computing and infrastructure spending plan. The contracts continue to imply a valuation around $2 trillion, while traders remain mindful that the products are synthetic derivatives rather than equity stakes.