TLDR
- Anthropic filed a Form S-1 to list on the Nasdaq under the ticker “ANT,” with an expected listing around Nov. 19-20.
- The company reported an $80.7 billion loss in the first half of 2026 and a net revenue retention rate near 900%.
- Traders are already betting on the IPO with leveraged crypto contracts on Hyperliquid, including trade.xyz’s ANT and Entropy’s ANTH.
- Trade.xyz’s ANT contract opened near $138 and fell to about $110 in its first hours.
- U.S. traders are barred from these contracts, and no shares back them.
Anthropic has filed to go public, and traders are already placing leveraged bets on the offering. The company submitted a Form S-1 with the Securities and Exchange Commission and plans to list on the Nasdaq under the ticker “ANT.” It first filed confidentially in June.
BREAKING: Anthropic officially files its S-1 registration statement for an IPO, seeking to list on the Nasdaq under the ticker symbol $ANT.
FULL SUMMARY OF ANTHROPIC’S S-1 FILING:
1. Anthropic posted H1 2026 revenue of $16.3 billion with a net loss of $80.7 billion
2.…
— The Kobeissi Letter (@KobeissiLetter) October 26, 2026
The filing gives investors a first look at the finances of the company behind Claude. Anthropic reported a loss of $80.7 billion in the first half of 2026. It also said its net revenue retention rate was around 900% as of Sept. 30.
That figure means existing customers are spending about nine times more than they did a year earlier. For the median public cloud software company, the number was 108% as of January, according to Altimeter Capital partner Jamin Ball. Anthropic said customers often start with one use case and then expand across departments.
Goldman Sachs and Morgan Stanley are the lead underwriters. The prospectus also lists more than 90 pages of risk factors. It names OpenAI and Google as competitors and warns of possible “material revenue losses” from actions by the Trump administration.
How the Hyperliquid contracts work
Two contracts tied to Anthropic now trade on Hyperliquid, a decentralized crypto exchange. They are Entropy’s ANTH and trade.xyz’s ANT. Both are perpetual swaps, which are futures agreements that never expire.
The contracts do not deliver shares or claim to represent them. Each position is backed only by the trader’s collateral, and winners are paid by losers on the other side. Trade.xyz’s ANT is settled in the USDC stablecoin and allows up to 10-fold leverage.
Entropy’s ANTH is priced by company valuation. Each $1 of price stands for $1 billion of value, so a reading near 1,880 values Anthropic at about $1.9 trillion. Trade.xyz’s ANT follows the price of one Class A share.
ANT opened near $138 at 9 a.m. ET on Saturday. It fell to about $110 by 11:50 a.m. on $8.7 million of volume and $2.2 million of open interest. With 10-fold leverage, a 10% move against a position wipes out its collateral.
Risks and rules for traders
Thin liquidity is the main risk. In May, a SpaceX contract on Hyperliquid fell about 45% in 30 minutes and liquidated 405 users. Open interest was under $2.9 million at that time.
U.S. traders are not allowed to trade derivatives on Hyperliquid. Trade.xyz says it uses geoblocking and wallet screening to keep Americans out. Hyperliquid’s terms bar the U.S., Ontario and sanctioned territories, but the platform does not verify identity.
Anthropic has not commented on the contracts. Its help page says anyone claiming to sell its shares through forward contracts or tokenized securities is likely offering something worthless. The company has not said whether that applies to perpetual contracts.
What comes next
Trade.xyz expects ANT to convert into a standard perpetual contract tracking the stock after the shares begin trading. It has set Nov. 20 as the expected listing date, but Anthropic has not confirmed it. If the listing is delayed, the contract has a grace period through Jan. 19, 2027.
The Financial Times reported that investors expect a valuation of $1.5 trillion to $1.75 trillion. Anthropic’s last private round in May valued it at $965 billion. Fox Business’s Liz Claman said pricing remains on track for Nov. 19-20.
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