Anthropic's IPO Expected to Launch November 2026; Pre-IPO Derivatives Available on Hyperliquid
The leading AI lab Anthropic is expected to begin marketing its initial public offering (IPO) in November 2026, having delayed the original October date. With a potential $2 trillion valuation, it could become one of the largest IPOs ever. Investors are showing strong interest and some are using pre-IPO synthetic perpetual futures on platforms like Hyperliquid to gain exposure before the listing. These derivatives have been trading since August 19 and currently imply an average $2 trillion valuation for Anthropic—more than double its May 2026 funding round. However, experts caution that these instruments are not backed by actual shares of the company and do not convert into equity upon IPO. Additionally, holding perpetual futures involves periodic funding fees which make them a less attractive option compared to direct ownership. Investors are advised against buying pre-IPO derivatives or paying for Anthropic exposure before its audited financials become public. A draft S-1 filing revealed a $42 billion net loss in 2025, and the full document will include data from 2026 when it is released.
Topics: AI Anthropic Hyperliquid Investor Interest Pre-IPO Futures