Source snapshot: November 6, 2026, at 21:00 UTC+8. Hypercall planned to launch what it described as the first Anthropic-linked pre-IPO options market, with trading expected to begin the following Monday, founder Jake Sylvestre and growth and marketing head Dan Edlebeck told The Block.
The planned launch would expand an existing market for Anthropic-linked perpetual futures, while prediction-market readings cited in the report showed declining confidence in a November listing.
Synthetic exposure, not share ownership
Hypercall said the contracts would trade around the clock, support fractional sizing for smaller positions and be unavailable to U.S. customers.
The instruments are synthetic, cash-settled derivatives: holders would not own Anthropic shares or receive voting rights. Payouts would depend on the contract’s strike price and reference price at expiry.
Sylvestre said the platform supports basic calls and puts as well as spreads and more advanced strategies. Hypercall is built on Hyperliquid, where existing Anthropic-linked perpetual futures offer market makers a way to hedge options exposure before the company’s shares begin public trading. Edlebeck described that infrastructure as giving the platform an early advantage.
According to the executives, Hypercall already offered options linked to SpaceX, the S&P 500, major stocks, bitcoin and ether. Sylvestre had previously reported $536 million in options notional trading volume for September; that figure measures notional activity, not market depth or available liquidity.
IPO timing expectations shifted
Prediction-market readings reported on November 6 showed a retreat in near-term listing expectations:
- Polymarket: The implied chance of a November IPO fell from roughly 88% on Tuesday to as low as 51% by Thursday. The probability of a January 2027 debut rose from less than 1% to nearly 17%. The market had generated about $566,000 in trading volume.
- Kalshi: A similar market, with nearly $4.9 million in volume, put the chance of an IPO before December 1 at 60%, down from around 88%. Contracts for a debut before January 1 and February 1 traded at 63% and 85%, respectively.
These readings reflected pricing in specific prediction contracts, rather than confirmation of Anthropic’s listing schedule.
Volatility and listing risks
The report also described a sharp technology-stock selloff on Thursday, with the Nasdaq falling around 6% during the session amid growing concerns about AI infrastructure spending. Sylvestre said the backdrop had shifted his pricing concerns from a post-IPO rally toward a potential slump, emphasizing that options market makers price both the magnitude and speed of a move.
An option can expire worthless. The report distinguished that risk from leveraged perpetual futures, where a price swing can trigger margin liquidation.
Anthropic filed its S-1 on October 26, with plans to list on the Nasdaq under ANT. The Claude developer reported $16.3 billion in first-half revenue and $9 billion in compute spending. Its prospectus also disclosed that its five largest customers accounted for around 25% of revenue through the end of September.
The planned derivatives launch and shifting IPO bets describe different aspects of the market: the former would add a way to trade synthetic exposure, while the latter captured uncertainty over listing timing. Neither established how Anthropic’s shares would perform after an IPO.