Original reporting published by The Block on Nov. 6, 2026, at 21:00 UTC+8. The launch plans and market figures below reflect that report.
Hypercall planned to introduce what it described as the first options market tied to Anthropic before its IPO, adding another synthetic way to trade exposure to the private AI company. Founder Jake Sylvestre and growth and marketing head Dan Edlebeck told The Block that trading was expected to begin the following Monday.
The contracts would trade around the clock, with fractional sizing for smaller positions, but would not be available to U.S. customers. The planned launch expands the platform’s product range; the report did not provide user counts or evidence of sustained demand for the new contracts.
Synthetic exposure, not Anthropic shares
The options are synthetic, cash-settled derivatives. Holding them does not confer ownership of Anthropic shares or voting rights. Payouts depend on the contract’s strike price and reference price at expiry.
Hypercall is built on Hyperliquid, where Anthropic-linked perpetual futures already trade. According to Sylvestre, those contracts give market makers a way to hedge the risk of selling options before Anthropic’s shares begin trading publicly.
Sylvestre said Hypercall supports basic calls and puts as well as more complex spreads and strategies. The executives said the platform already offered options tied to SpaceX, the S&P 500, bitcoin and ether.
Existing volume does not establish new-market adoption
Sylvestre had previously reported that Hypercall handled $536 million in options notional trading volume in September. That figure describes the notional value traded across the platform, not a count of users or demand specifically for Anthropic-linked options. The report supplied no comparison period or retention data.
The launch would therefore broaden the instruments available onchain, but its uptake and durability remained unestablished in the supplied reporting.
IPO timing was becoming less certain
At the time of publication, prediction-market pricing pointed to declining confidence in a near-term Anthropic listing:
- Polymarket: The implied probability 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, priced an IPO before Dec. 1 at 60%, down from around 88%. Contracts covering a debut before Jan. 1 and Feb. 1 traded at 63% and 85%, respectively.
These were market-implied probabilities, not confirmation of a listing date.
Technology shares also sold off sharply that Thursday, with the Nasdaq falling around 6% during the 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 both the size and speed of price movements.
An option can expire worthless. The report also noted that a price swing does not automatically trigger a margin liquidation in the same way as trading perpetual futures with leverage.
Anthropic’s filing provided the financial backdrop
Anthropic filed its S-1 on Oct. 26, with plans to list on the Nasdaq under the ticker ANT. The Claude developer reported $16.3 billion in first-half revenue and $9 billion in compute spending. Its prospectus disclosed that its five largest customers accounted for around 25% of revenue through the end of September.
