Status at publication: launch expected, not confirmed as completed.
The Block reported on November 6, 2026, at 21:00 UTC+8 that Hypercall expected trading in its Anthropic-linked pre-IPO options market to begin Monday. Founder Jake Sylvestre and growth and marketing head Dan Edlebeck described the planned rollout as what Hypercall says would be the first options market tied to Anthropic ahead of its IPO.
The expected options launch was separate from Anthropic’s listing schedule, which remained uncertain in the report.
Planned trading and settlement
Hypercall said the contracts would trade around the clock, support fractional sizing for smaller positions and exclude U.S. customers.
The products are synthetic, cash-settled derivatives, not Anthropic shares. Holders would receive neither equity ownership nor voting rights at expiry. Payouts would be calculated using the contract’s strike price and reference price at expiry.
The platform supports basic calls and puts as well as spreads and more advanced strategies, according to Sylvestre. An option can expire worthless, although a price swing alone does not automatically trigger the margin liquidation associated with leveraged perpetual futures.
Hypercall is built on Hyperliquid. The executives said existing Anthropic-linked perpetual futures there give market makers a way to hedge options exposure before Anthropic shares begin public trading.
Hypercall already offered options tied to SpaceX, the S&P 500, major stocks, bitcoin and ether. Sylvestre had previously reported $536 million in options notional trading volume for September.
IPO timing remained uncertain
According to the report, Anthropic filed its S-1 on October 26, with plans to list on the Nasdaq under ANT. That filing did not establish a guaranteed debut date.
Prediction-market pricing had shifted away from an imminent listing:
- Polymarket: The implied chance of a November IPO fell from roughly 88% on Tuesday to as low as 51% by Thursday. The probability of a January 2027 debut rose from less than 1% to nearly 17%. The market had generated around $566,000 in trading volume.
- Kalshi: A similar market, with nearly $4.9 million in volume, put the chance of an IPO before December 1 at 60%, down from around 88%. Contracts for a debut before January 1 and February 1 traded at 63% and 85%, respectively.
These were market-implied probabilities, not confirmed listing dates.
Market conditions and filing details
The report said the Nasdaq fell around 6% during Thursday’s session amid growing concerns about AI infrastructure spending. Sylvestre said the backdrop had shifted his options-pricing concerns from a potential post-IPO rally to a possible slump, emphasizing that market makers price the speed of price moves as well as their size.
Anthropic, the developer of Claude, reported $16.3 billion in first-half revenue and $9 billion in compute spending. Its prospectus also disclosed that its five largest customers accounted for around 25% of revenue through the end of September.
Original source: The Block — published November 6, 2026, at 21:00 UTC+8.