Anthropic stock before the IPO: how to trade ANT now (Nov 2026)
Updated Nov 13, 2026 · 8 min read
You can trade Anthropic before its IPO: the ANT pre-IPO perp trades 24/7 on Hyperliquid and Senpi, long or short. How it’s priced, what happens at listing, the risks.
Yes. Anthropic isn’t listed yet, but its pre-IPO perpetual, ANT, has traded 24/7 on Hyperliquid since Oct 26, 2026, and you can trade it on Senpi today: long or short, up to 10x, from your own strategy wallet. ANT tracks where one Anthropic Class A share is expected to trade once it lists on Nasdaq, which trade[XYZ] expects on Nov 20. It gives you price exposure, not shares: no ownership and no IPO allocation.
Key takeaways
- You can trade Anthropic now: ANT is a pre-IPO perp on Hyperliquid, live since Oct 26. On Senpi, you ask the agent in a sentence.
- ANT references one Class A share and settles in USDC. It is not a share or an IPO allocation.
- Anthropic filed to list on Nasdaq as ANT on Oct 26, and trade[XYZ] expects Nov 20. At listing, ANT converts to a normal stock perp priced from Nasdaq.
- The main risks are a gap at conversion (Quantinuum’s perp fell 39% on its listing day) and liquidation at high leverage.
- Actual shares before the IPO go only to accredited investors, through secondary marketplaces. After the listing, anyone with a brokerage account can buy them.
How to trade ANT on Senpi
- 01
Fund your Senpi wallet
Add USDC by card, Apple Pay, Google Pay or a crypto deposit (deposits and withdrawals).
- 02
Ask the agent
In the Senpi app or from Claude or ChatGPT, for example: “Open a small ANT long at 2x with a stop 15% below entry.”
- 03
The agent opens the position
It trades from your own strategy wallet. On Senpi, XYZ positions use isolated margin by default, so a gap at listing can’t touch the rest of your account. You can close the position any time, before or after the listing.
Costs: ANT is in Hyperliquid’s growth mode, about 0.009% taker at the base tier. Senpi adds 0% on paid plans (0.03% on the free trial or without a paid plan), and funding before listing runs at 1% of the normal rate. The full rates are in Hyperliquid fees explained; for stock perps in general, read how to trade stocks on Hyperliquid.
Trade ANT before the listing
Ask Senpi’s agent to open an ANT position from your own strategy wallet, with a stop attached to the position.
What the ANT contract is
- What it references: one share of Anthropic, PBC Class A common stock (Nasdaq: ANT), quoted in USD, on the trade[XYZ] DEX on Hyperliquid.
- What it is: a cash-settled linear perpetual. You go long or short with USDC margin and settle profit and loss in USDC.
- What it is not: a share, an IPO allocation or tokenized equity. It carries no ownership, voting, dividend or allocation rights and no claim on Anthropic.
- Hours and leverage: trades 24/7, up to 10x leverage. Hyperliquid allows cross margin on it; Senpi opens it isolated unless you ask for cross.
- Start: launched on Oct 26, 2026 at an initial reference of $125, which trade[XYZ] says is not a forecast of the IPO price.
| ANT on Hyperliquid | Value |
|---|---|
| Mark price | $100.63 |
| Oracle price | $102.29 |
| Mark versus oracle | −1.6% |
| Range since launch | $93.06 (Nov 6) to $138.41 (Oct 26) |
| Open interest | $73.6 million |
| Volume, last 24 hours | $15.4 million |
How the price is set before listing
With no public share price to follow, the market sets its own. The oracle is a 30-minute moving average of the market’s own prices, funding runs at 1% of the normal rate, so holding a position costs little, and discovery bounds of ±50% around the reference, with three resets, slow down sudden moves. The price is the market’s estimate of where Anthropic will trade, not a quote from anywhere else.
What happens at listing
| Anthropic’s IPO | Status on Nov 9, 2026 |
|---|---|
| IPO filing | Public S-1 filed Oct 26, 2026; amended Nov 2 |
| Exchange and ticker | Nasdaq Global Select Market, ANT (Class A common stock) |
| Price range and share count | Not filed yet |
| Listing date | Not announced by Anthropic; trade[XYZ] anticipates Nov 20, 2026 |
| Last private valuation | $965 billion (May 2026 round) |
Press reports of Anthropic’s IPO valuation target and roadshow timing differ and are not in the filings, so they are left out here. The price range and share count will arrive in a later amendment to the S-1.
When Anthropic lists, ANT is expected to convert into a normal stock perpetual: the oracle switches to the Nasdaq price and funding returns to the standard rate, usually from the first regular session after listing. If the listing slips, there is a grace period of up to 60 days, to January 19, 2027. If it does not happen and no new date is in sight, the market can be settled instead, by default at its average price over its whole life.
Eight pre-IPO markets on the same DEX had converted by Nov 9, 2026 (ANT and the others still waiting are at senpi.ai/assets/pre-ipo). In two of them, SpaceX and Quantinuum, the perpetual priced where the stock would trade, not the IPO price, and when the public market disagreed, the gap closed in one move:
| Market | IPO price | Perp, day before listing | First day on Nasdaq |
|---|---|---|---|
| SpaceX (SPCX), June 12, 2026 | $135 | $172.84 | Opened at $150, closed at $160.95 |
| Quantinuum (QNT), June 4, 2026 | $60 | $97.43 | The perp closed listing day at $59.64, down 39% |
Risks
- A gap at listing. If Nasdaq opens far from the perp, the price jumps to it at conversion; Quantinuum’s perp fell 39% in a day.
- Delay or no IPO. After the grace period the market can settle at its lifetime average price, which may be far from where you entered.
- Leverage. At the full 10x, a move of about 5% against you reaches liquidation, and pre-IPO prices can move that much in hours.
- Funding changes at listing. Funding is 1% of the normal rate before listing and returns to the standard rate after conversion.
- Where you live. Venue terms set who can trade; for the US, where access is changing, see Hyperliquid in the US.
Other routes to Anthropic shares
| Route | Who can use it | What you get | Watch out for |
|---|---|---|---|
| ANT pre-IPO perpetual on Hyperliquid | Anyone the venue’s terms allow; US persons not yet | Price exposure, long or short, 24/7, up to 10x | Not a share; can gap at listing; liquidation |
| Secondary marketplaces (Forge Global, EquityZen, Hiive) | Verified accredited investors | Shares or fund units bought from existing holders | Company approval and transfer limits, minimums, fees, weeks to settle |
| IPO allocation | Clients a selling broker allocates to | Shares at the IPO price | Allocations are small and not guaranteed |
| Buying after listing | Anyone with a brokerage account | Shares at the market price | Day-one swings: SpaceX opened 11% above its IPO price |
| Public investors in the companies | Anyone | Indirect exposure: Amazon and Alphabet hold stakes in Anthropic, Microsoft in OpenAI | The stake is a small part of each company |
What about OpenAI?
OpenAI trades on Hyperliquid only as io:OAI, a market on the EntropyIO DEX with up to 6x leverage, which Senpi doesn’t reach. The company itself has not filed publicly: it submitted a confidential S-1 in June 2026, and its president, Greg Brockman, said on Nov 4, 2026 that it could be ready for an IPO in 2027. Its shares change hands only privately, between accredited investors.
Frequently asked questions
Can I trade Anthropic before its IPO?
Yes. ANT, a pre-IPO perpetual on Hyperliquid, has traded 24/7 since Oct 26, 2026, and you can trade it on Senpi today, long or short. It’s price exposure, not shares.
Can I buy Anthropic shares before the IPO?
Only as an accredited investor, buying from existing holders on secondary marketplaces such as Forge Global, EquityZen and Hiive. After the listing, anyone with a brokerage account can buy them.
When is the Anthropic IPO?
Anthropic filed its S-1 on Oct 26, 2026 to list on Nasdaq as ANT and had not set a date or price range by Nov 9. trade[XYZ] uses Nov 20, 2026 as the anticipated listing date for its ANT market.
What happens to ANT when Anthropic lists?
It is expected to convert to a normal stock perpetual priced from Nasdaq, usually from the first regular session after listing, with funding back at the standard rate. If the opening price is far from the perp, the price jumps to it at conversion.
What if the Anthropic IPO is delayed?
ANT keeps trading through a grace period of up to 60 days, to January 19, 2027. If the listing then looks unlikely, trade[XYZ] can settle the market, by default at its average price since launch.
Can I trade OpenAI before its IPO?
Not on Senpi. On Hyperliquid, OpenAI trades only as io:OAI on the EntropyIO DEX, which Senpi doesn’t reach. OpenAI has not filed publicly; its president said on Nov 4, 2026 that it could be ready for an IPO in 2027.
What is a pre-IPO perpetual?
A cash-settled perpetual contract that references a company’s expected public shares before it lists. It gives price exposure, long or short, but no shares, IPO allocation or rights in the company.
Can I trade ANT in the US?
Not yet: Hyperliquid’s and trade[XYZ]’s current terms exclude US persons. US access is moving, with ICE and Trade[XYZ] building a regulated US market on Hyperliquid’s infrastructure, pending CFTC approval; Hyperliquid in the US tracks what opens and when.
Sources and date
Anthropic’s Oct 26, 2026 S-1 announcement and SEC EDGAR; trade[XYZ] documentation (pre-IPO perpetuals, specification index, alternative settlement); the Hyperliquid API, 2026-11-09 16:45 UTC (ANT data) and Nov 9 (io:OAI on EntropyIO); OpenAI comments reported by the Wall Street Journal and PYMNTS (Nov 4–5, 2026); SpaceX and Quantinuum pricing announcements. Nothing on this page is financial advice.
Related articles
Hyperliquid funding, margin and liquidation explained
How Hyperliquid funding, margin modes and liquidation work, with Nov 2026 numbers and a worked $10,000 example. Fee tiers have their own page.
Hyperliquid fees explained (Nov 2026): maker, taker, builder fees
On a paid Senpi plan you pay only Hyperliquid’s fee. Hyperliquid’s fees on Nov 12, 2026: 0.045% taker, 0.015% maker, tiers, discounts, builder fees by app and HIP-3 rates.
Hyperliquid order types: limit, market, stop, TP/SL, TWAP and more
Every Hyperliquid order type and option as of Nov 9, 2026: what each does, when to use it, and whether it pays the maker or the taker fee.
Hyperliquid vaults and HLP explained
How Hyperliquid’s HLP and user vaults work as of Nov 9, 2026: who trades them, profit share, lock-ups, what they can trade, and the risks.