Trade.xyz listed ANT on Hyperliquid, a pre-IPO perpetual that tracks the anticipated price of one Anthropic share ahead of its Nasdaq listing. What you trade is a synthetic price with up to 10x leverage, not a share.
What ANT actually is
According to the Trade.xyz specification index, ANT references 1 share of Anthropic, PBC Class A common stock (Nasdaq: ANT), quoted in USD. Until the listing, the price reflects only the anticipated share price.
Once the stock lists, the contract is expected to convert into a standard XYZ perpetual.
- Reference price: $125
- Price band: ±50%
- Max leverage: 10x
- Margin mode: cross margin
- Anticipated listing date: November 20, 2026
- Listing grace period: up to 60 days, no later than January 19, 2027
What it means for you
You do not own Anthropic shares and you do not receive any at the IPO. You only trade the price difference, with funding and liquidation risk like any other perpetual.
Trade.xyz states in its docs that the anticipated listing date is for reference only and may differ significantly from the actual IPO date. If the listing slips past the grace period, the market enters alternative settlement procedures on the basis of extraordinary delay.
The same docs note that public filings and offering terms may be incomplete, preliminary or later revised. The reference price should not be read as an implied market cap or a fair value for Anthropic.
The other Trade.xyz pre-IPO markets
Contract | Reference price | Leverage | Status | Anticipated listing |
|---|---|---|---|---|
ANT (Anthropic) | $125 | 10x | Live | Nov 20, 2026 |
OURA (Oura) | $50 | 5x | Live | Oct 2, 2026 |
JIO (Jio Platforms) | $13 | 5x | Converted | Oct 28, 2026 |
SHEIN | $8 | 5x | Converted | Sep 1, 2026 |
UNITREE (Unitree) | $75 | 5x | Converted | Aug 14, 2026 |
CXMT (ChangXin) | $5 | 5x | Converted | Jul 27, 2026 |
SKHY (SK Hynix ADS) | $150 | 10x | Converted | Jul 10, 2026 |
SPCX (SpaceX) | $150 | 5x | Converted | Jun 12, 2026 |
QNT (Quantinuum) | $75 | 5x | Converted | Jun 4, 2026 |
CBRS (Cerebras) | $175 | 5x | Converted | May 14, 2026 |
ANT is the only Trade.xyz pre-IPO market running on cross margin. The rest use isolated margin, and among them only SKHY also offers 10x leverage.
Eight contracts already carry Converted status in the specification index: SPCX, QNT, CBRS, SKHY, CXMT, UNITREE, SHEIN and JIO. ANT and OURA are the only pre-IPO markets marked Live.