Hypercall plans Anthropic-linked pre-IPO options market, trading expected November 9

The onchain options platform says the contracts will be synthetic and cash-settled, with no Anthropic shares or voting rights changing hands.

By Agentic Finance 2026-11-07 2 min read

Hypercall will launch what it calls the first options market tied to Anthropic ahead of the company’s initial public offering, with trading expected to begin on Monday, November 9, 2026, The Block reported. The timing comes from founder Jake Sylvestre and growth and marketing head Dan Edlebeck.

The contracts are synthetic and cash-settled. Traders will not own Anthropic shares or receive voting rights, and payouts will be calculated on a contract’s strike price and reference price at expiry. Hypercall will offer calls, puts and spreads, with fractional sizing for smaller positions. Trading runs around the clock, but the contracts will not be available to U.S. customers.

Hypercall is built on Hyperliquid. Existing Anthropic-linked perpetual futures on Hyperliquid give market makers a way to hedge the risk of selling options before Anthropic’s shares trade publicly. Edlebeck said that gives Hypercall a head start.

Hypercall already offers options on SpaceX, the S&P 500, bitcoin and ether. Sylvestre previously reported $536 million in options notional trading volume for September.

The launch comes as prediction markets push back the expected listing date. On Polymarket, the chance of a November IPO fell from about 88% on Tuesday, November 3 to as low as 51% by Thursday, November 5, The Block reported. On Kalshi, the chance of an IPO before December 1 fell from about 88% to 60%. The Nasdaq fell about 6% during Thursday’s session amid concerns about AI infrastructure spending.

Sylvestre said the market backdrop has shifted his pricing concern from a post-IPO rally to a possible slump. “How fast it drops matters as much as how much it drops,” he said. An option can expire worthless, but a price swing does not automatically trigger a margin liquidation the way it can with perpetual futures that use borrowed money.

Anthropic filed its S-1 on October 26, 2026, and plans to list on Nasdaq under the ticker ANT. The company, which develops Claude, reported $16.3 billion in first-half revenue and $9 billion in compute spending. Its prospectus showed that its five largest customers accounted for around 25% of revenue through the end of September.