Perpetual futures on Hyperliquid imply an Anthropic share price of $98 and a $1.7 trillion market capitalization, substantially exceeding the $70 to $78 range outlined in its updated S-1 filing. Offshore traders generated roughly $250 million in daily volume on Anthropic contracts despite the platform being completely unavailable to American investors. This rotation of capital has simultaneously pushed down pre-IPO derivatives for rival OpenAI by 7% to a $1.27 trillion valuation.
Key points
Offshore derivative markets are pricing Anthropic more than 30% higher than the top end o…: Offshore derivative markets are pricing Anthropic more than 30% higher than the top end of its updated S-1 filing range.
Surging trader interest in Anthropic's roadshow is drawing liquidity away from competitor…: Surging trader interest in Anthropic's roadshow is drawing liquidity away from competitors like OpenAI in private market tracking contracts.
Shares of Hyperliquid Strategies fell 4% on Tuesday despite maintaining a 150% gain year-…: Shares of Hyperliquid Strategies fell 4% on Tuesday despite maintaining a 150% gain year-to-date.
Sources checked by our analysis pipeline: 1
News of Anthropic's historic initial public offering provided a wave of relief for tech investors. The response in the perpetual futures market might provide even more relief.
As Anthropic prepares to raise money in its initial public offering this month, traders in offshore markets are making large bets that there will be a big pop on the AI giant's debut.
Trying to guess an initial first day IPO reaction is nearly impossible, but a new and fast-growing corner of the markets might offer some clues.
Pre-IPO perpetuals, contracts that aim to track the price of private companies, trade on decentralized crypto exchanges like Hyperliquid, Coinbase, Binance and OKX to name a few. The current Hyperliquid Anthropic contract implies a stock price of $98 and its market cap at roughly $1.7 trillion, more than 30% higher than the $70-$78 range announced in the company's updated S1.
While trading on the exchange is not currently available to American investors, about $250 million of volume traded across Hyperliquid's two Anthropic trackers in the past 24 hours, according to the exchange.
Market trading activity shows shares of meat processing giant JBS facing downward pressure during the current session. Investors are closely monitoring the company's equity performance as selling momentum impacts its valuation. The contraction highlights ongoing volatility affecting the stock as market participants respond to active trades.
Equity markets in the region experienced downward pressure as the primary domestic benchmark shed value by the close of the trading session. The downturn reflects a cautious mood among local investors monitoring broader financial indicators. Market participants witnessed steady selling momentum that left the main exchange in negative territory.
The Lagos-based oil processing facility owned by Aliko Dangote drew intense institutional interest across domestic and international markets, securing nearly three times its minimum initial target. With major continental money managers participating, the unprecedented transaction signals robust cross-border appetite for prime African industrial equity. The company is now seeking swift regulatory approvals to advance its formal market listing ahead of the original December schedule.