Anthropic's IPO range is $70 to $78. Hyperliquid has it at $101.
Eighteen days of round-the-clock trading in Hyperliquid's Anthropic market, and what it says about next week's listing.
On 10 November, Anthropic filed the price range for its Nasdaq listing: $70 to $78 a share for 825 million Class A shares, valuing the company at up to about $1.4 trillion on a fully diluted basis. On Hyperliquid, where traders have been pricing one Anthropic share around the clock since 26 October, the market stood at $101.21 at 10:10 AM New York time on 13 November. That is 30% above the top of the range.
The two numbers answer different questions. The range is what Anthropic and its underwriters, including Goldman Sachs and Morgan Stanley, expect to sell shares at. The Hyperliquid price is where traders expect those shares to trade once they're listed. The gap between them is the market's read on the first day, and it has held through the biggest news of the run-up.
The numbers, as of 13 November, 10:10 AM ET
$101.21: xyz:ANT, trade.xyz's Anthropic market on Hyperliquid. Each contract references one Anthropic Class A share.
30% above the top of the range ($78), and 45% above the bottom ($70).
About $1.82 trillion: the valuation $101.21 implies on the same fully diluted share count the filing uses (about 18.0 billion shares). The range implies $1.26 to $1.40 trillion. Anthropic's last private round, in May, valued it at $965 billion.
$90.37: the lowest price since listing, hit 17 minutes after the price-range filing. Even that was 16% above the top of the range.
$106 million in open interest (about 1.05 million contracts), more than double the contract count on 4 November.
$460 million traded since listing, $39 million of it on weekends, when no stock market was open.
About zero funding: the funding rate has averaged −0.04% a year, so holding a long position has cost almost nothing.
A second Hyperliquid market, Entropy's io:ANTH, prices the whole company instead of one share ($1 of price = $1 billion of value). It stood at about 1,766 on 13 November, or about $1.77 trillion, close to what xyz:ANT implies.
How Hyperliquid priced Anthropic, day by day
Daily figures use UTC days, which end at 7 PM New York time (8 PM before the clocks changed on 1 November).
Date (2026) | xyz:ANT close | Day's move | What happened |
|---|---|---|---|
Mon 26 Oct | $114.35 | −17% from the $138 open | Anthropic's S-1 goes public and trade.xyz lists the market. It falls to $109.05 within the first hour. |
Mon 2 Nov | $106.49 | −4.7% | An updated filing shows third-quarter growth slowed and costs rose (Fortune). |
Wed 4 Nov | $117.41 | +4.7% | The day after the US midterm elections. |
Thu 5 Nov | $107.86 | −8.1% | AI stocks sell off. Most of the drop comes after the 9:30 AM Nasdaq open. Hyperliquid's NVIDIA market falls 10.2% the same day. |
Fri 6 Nov | $94.29 | −12.6% | CNBC reports investors bracing for a lower valuation, with one calling even $1.5 trillion "a stretch". Down about 20% in two days. |
Sat 7 Nov | $97.82 | +3.7% | Stock markets closed; Hyperliquid keeps trading. |
Mon 9 Nov | $102.36 | +4.4% | |
Tue 10 Nov | $100.24 | −2.1% | The amended S-1 sets the $70–$78 range. About $121 million traded, the busiest day since listing. |
Wed 11 Nov | $103.93 | +3.7% | Back above $100, 33% above the top of the range. |
Thu 12 Nov | $104.39 | +0.4% | Anthropic says it expects to set the IPO price on 18 November and start trading on 19 November. |
Fri 13 Nov | $101.21 (10:10 AM ET) | −3.0% |
The morning the range came out
The amended filing was accepted on the SEC's EDGAR system at 6:29 AM New York time on 10 November, three hours before Nasdaq opened. xyz:ANT had already slipped from about $101 to $96 in the hour before.
6:31 AM: two minutes after the filing, the price fell from $95.53 to $93.00 in a single minute.
6:46 AM: it hit $90.37, its lowest price since listing.
7:00 AM: it was back at $97, two and a half hours before the Nasdaq open.
Traders read the range, sold it, then decided it was a floor rather than a ceiling. Since 9 AM that day, xyz:ANT has not traded below $96.
What the gap means, and what it doesn't
It is a forecast of the first day, not of the IPO price. Underwriters usually set a range so the book fills with room for the stock to rise once it trades. A pre-IPO market at $101 says traders expect ANT to open well above where the shares are sold.
Nothing forces the price toward a fair value until the listing. There is no Anthropic share price yet for the contract to track, so trade.xyz marks it from its own order book. Funding on pre-IPO markets runs at a fraction of the normal rate, which is why holding a long has cost almost nothing. A premium can persist without anyone paying to hold it.
The gap closes on the first trade. When ANT starts trading on Nasdaq, xyz:ANT becomes a normal perpetual that tracks the listed share. If ANT opens near $101, the market was right. If it opens near the range, the premium disappears in a day.
It disagrees with some of Anthropic's own investors. On 6 November, some existing investors told CNBC that even $1.5 trillion was a stretch. Hyperliquid's traders took the price down 20% that week, then bid it back to about $1.82 trillion once the range was out.
What Senpi's Proven Traders are doing
Senpi tracks 150 Proven Traders: Hyperliquid wallets with at least $1 million in realized profit. As of 12:45 PM ET on 13 November:
13 of them hold xyz:ANT. 10 are short and 3 are long.
Net, they're short about $5 million, roughly 5% of the market's $106 million in open interest.
So while the market prices Anthropic 30% above its IPO range, the traders with the best records on Hyperliquid are positioned for that premium to shrink by the first trade. Thirteen wallets is a small group, so read it as a signal, not a verdict. We'll report how their positions did after the listing. Smart money and wallet signals for this market are on the xyz:ANT asset page.
What to watch next week
Timing: Anthropic's IPO site says the final price is expected to be set on 18 November and that shares are expected to begin trading on Nasdaq under the ticker ANT on 19 November, subject to regulatory clearance. trade.xyz's contract spec lists 20 November as the anticipated listing date, for reference only. IPOs are usually priced the evening before the first trade.
Retail allocation: Anthropic expects to allocate up to 20% of the offering to retail investors.
The conversion: once ANT trades, xyz:ANT converts to a standard trade.xyz perpetual. If the listing slips, trade.xyz allows up to 60 days, until 19 January 2027, before other settlement rules apply.
We'll update this piece with the IPO price, the first trade and how xyz:ANT converged.
How we measured this
Prices, volume and funding: Hyperliquid's public API. We used xyz:ANT 1-minute candles (10 November, 5 to 8 AM ET), 1-hour and 1-day candles from 26 October to 13 November 2026, and funding history. Open interest is from Hyperliquid on 13 November at 10:10 AM ET. Volume is contracts times price.
Fully diluted share count: about 18.0 billion. This is implied by the filing's $1.404 trillion valuation at $78 (TechCrunch; CNBC reports $1.405 trillion), and Talos reports about 18 billion. Implied valuations use this count.
Filing time: SEC EDGAR, S-1/A accession 0001628280-26-072484, accepted 10 November 2026 at 6:29:24 AM ET.
Offering terms: Anthropic's roadshow announcement, 10 November 2026 (share counts, ticker, exchange, the underwriters' option), and Anthropic's IPO site (expected pricing and first trading dates).
Contract terms: trade.xyz's pre-IPO specification for ANT (anticipated listing date, grace period, conversion).
News: CNBC, 10 November (price range, $1.405 trillion, reported trading date) and 6 November (investor valuation concerns); TechCrunch, 10 November (offering terms, 20% retail); Fortune, 10 November (AI stock sell-off) and 2 November (third-quarter filing); Talos, 10 November (share count, pre-IPO markets).
Source: Senpi analysis of Hyperliquid market data. This is market research, not investment advice. Pre-IPO perpetuals are leveraged, can move sharply, and can trade far from the eventual listing price.
Senpi is an AI trading agent for Hyperliquid. Ask it about xyz:ANT, including the latest price, funding and open interest, and how a pre-IPO market converts when the stock lists. Read more: how to trade stocks on Hyperliquid and what you can trade on Hyperliquid.
Frequently asked questions
Can you trade Anthropic before its IPO?
Not the shares. On Hyperliquid, trade.xyz's xyz:ANT is a pre-IPO perpetual that references one share of Anthropic Class A common stock. It is settled in USDC and gives no shareholder rights. [US availability line: wording to be approved by Jason and Sarvesh.]
What price does Hyperliquid put on Anthropic?
$101.21 per share at 10:10 AM ET on 13 November 2026. That is about $1.82 trillion on the roughly 18.0 billion fully diluted shares implied by the filing, and 30% above the top of the $70–$78 range.
What is Anthropic's IPO price range?
$70 to $78 per share for 825 million Class A shares, set in an amended S-1 on 10 November 2026: 801.4 million shares sold by Anthropic and 23.6 million by existing stockholders, plus a 30-day option for the underwriters to buy up to 123.75 million more. At the top of the range, the offering raises about $64.35 billion and values Anthropic at up to about $1.40 trillion, fully diluted.
When does Anthropic start trading?
Anthropic expects to set the final IPO price on 18 November 2026 and to begin trading on Nasdaq under the ticker ANT on 19 November, subject to regulatory clearance, according to its IPO site. trade.xyz lists 20 November as the anticipated listing date, for reference only.
What happens to xyz:ANT when Anthropic lists?
It converts to a standard trade.xyz perpetual that tracks the listed ANT share. If the listing is delayed, trade.xyz allows up to 60 days, until 19 January 2027, before alternative settlement applies.