BlockBeats reported on November 12, 2026, that institutional interest in Anthropic’s planned IPO exceeded the shares available by several times, citing a Bloomberg report based on people familiar with the matter. According to a Nasdaq notice cited by BlockBeats, Anthropic was expected to set its offer price on November 18, U.S. Eastern time, and begin trading under ANT on November 19. Those dates were still prospective at the time of the report.
The prospectus cited by BlockBeats kept the proposed price range at $70–$78 per share for 825 million publicly offered shares, implying proceeds of about $57.75 billion–$64.35 billion. At the top of that range, and using the potential diluted share count disclosed in the prospectus, the fully diluted valuation would be about $1.40 trillion. The Financial Times had previously reported that underwriters were considering an offer valuation of $1.5 trillion or more. A separate, concurrent $26 billion private placement involving seven companies, including Google and Nvidia, was not included in the public-offering proceeds.
On-chain pricing and positions
TradingBeats data cited by BlockBeats put three active Anthropic-related contracts on Hyperliquid near a $1.8 trillion implied fully diluted valuation around midday on November 12:
- Trade.xyz’s xyz:ANT traded at $103.39, about 32.6% above the $78 upper end of the proposed offer range, implying approximately $1.86 trillion.
- Entropy’s io:ANTH stood at 1,799.5 points, implying approximately $1.80 trillion.
- Paragon’s para:ANTH traded at $103.19, implying approximately $1.86 trillion.
Together, the three markets recorded about $101 million in trading volume over nearly 24 hours, down roughly 60% from about $250 million before midday the previous day. Their combined notional open interest rose from about $294 million to $304 million. Trade.xyz’s ANT had earlier fallen to $90.37 after the offer range was disclosed, then rebounded.
BlockBeats identified address 0xecc8 as the largest short holder across two markets, with about $42.82 million in Anthropic short positions and roughly $1.6 million in unrealized profit. It reported that the address added about $766,000 in trades on Trade.xyz and at least $929,000 in short exposure on Entropy that day. On Entropy, address 0xc0f7 held about $17.02 million in long positions with roughly $286,000 in unrealized profit; its net position had grown by about $8.15 million over 24 hours, including at least $2.75 million added early that morning.
Prediction markets and contract terms
At midday, Polymarket priced an approximately 85.35% chance of a November 19 listing, an approximately 55.3% chance that the final offer valuation would fall between $1.5 trillion and $1.75 trillion—up 26.55 percentage points in 24 hours—and an 89% chance that the first-day closing price would exceed the offer price. A separate market put the chance of a first-day closing market capitalization above $1.5 trillion at about 44.3%. That market uses shares actually in circulation, rather than a fully diluted share count, so the figures are not directly comparable.
BlockBeats also reported a scheduled 5 p.m. Beijing-time change to OKX’s Anthropic perpetual contract share-count basis, from 10 billion to about 13.116 billion shares. Under the stated adjustment, quoted prices would be divided by 1.311 and position quantities multiplied by 1.3116, leaving notional position value unchanged. A pre-adjustment quote of $137.37 would become about $104.73, close to Trade.xyz’s cited $103.39. Binance had not yet adjusted its ANTHROPIC share-count basis, according to the report.
For another comparison, BlockBeats cited Morningstar analyst Malik Ahmed Khan’s recent baseline fair-value estimate of $92 per share—about 24% above the $74 midpoint of the proposed offer range, but below the roughly $103 on-chain quotes cited in the report. Contract prices, prediction-market probabilities and analyst estimates reflect different measures; none establishes the eventual offer price or public-market valuation.
Original report: BlockBeats, published November 12, 2026, at 14:37 Beijing time.