Hypercall planned to launch what it described as the first options market tied to Anthropic before its IPO, with trading expected to begin the Monday following The Block’s November 6, 2026 report. Founder Jake Sylvestre and growth and marketing head Dan Edlebeck said the contracts would trade around the clock and would not be available to U.S. customers.
The planned market would offer fractional sizing for smaller positions and add options to an ecosystem that already included Anthropic-linked perpetual futures.
Synthetic exposure, not Anthropic shares
The contracts are synthetic, cash-settled derivatives. Traders would not own Anthropic shares or receive voting rights at expiry; payouts would depend on the contract’s strike price and reference price at expiration.
Hypercall is built on Hyperliquid. According to the report, existing Anthropic-linked perpetuals give market makers a way to hedge the risk of selling options before the company’s shares begin trading publicly. Sylvestre said the platform supports basic calls and puts as well as more complex spreads and strategies.
The executives said Hypercall already offered options tied to SpaceX, the S&P 500, bitcoin and ether. Sylvestre had previously reported $536 million in options notional trading volume for September.
Prediction markets reflected uncertainty over the IPO
The planned rollout came as prediction-market pricing showed declining confidence in an imminent Anthropic listing.
On 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%. That market had generated around $566,000 in trading volume.
A similar Kalshi market, with nearly $4.9 million in volume, put the probability of an IPO before December 1 at 60%, down from around 88%. Contracts on a debut before January 1 and February 1 traded at 63% and 85%, respectively. These figures reflected market pricing, not confirmation of a listing schedule.
The Block also reported that the Nasdaq fell around 6% during Thursday’s session amid growing concerns about AI infrastructure spending. Sylvestre said the backdrop had shifted his pricing concerns from a possible post-IPO rally to a potential slump, emphasizing that options market makers price the speed of price moves as well as their size.
An option can expire worthless, the report noted, although a price swing does not automatically trigger a margin liquidation in the same way as leveraged perpetual trading.
Anthropic’s filing provided the backdrop
Anthropic filed its S-1 on October 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 said its five largest customers accounted for around 25% of revenue through the end of September.
Original publication: November 6, 2026, at 21:00 UTC+8. This article reflects the plans and market conditions reported at that time.
Source: The Block’s original report.