Hypercall says it plans to launch the first options market linked to Anthropic before the AI company’s IPO, according to a November 6, 2026 report by The Block. The claim of being first comes from the platform; it is not independently established in the supplied report.
Founder Jake Sylvestre and growth and marketing head Dan Edlebeck told The Block that trading was expected to begin Monday. Contracts would trade around the clock, offer fractional sizing for smaller positions and exclude U.S. customers.
Exposure to Anthropic, not ownership
The contracts are synthetic, cash-settled derivatives, not Anthropic shares. Traders would receive neither shares nor voting rights at expiry. Payouts would depend on the contract’s strike price and reference price at expiration.
Hypercall is built on Hyperliquid, where Anthropic-linked perpetual futures already trade. According to the report, those perpetual contracts give market makers a way to hedge the risk of selling options before Anthropic shares trade publicly.
Sylvestre said the platform supports basic calls and puts as well as more advanced spreads and strategies. Edlebeck presented the existing perpetuals market as a competitive advantage, saying it allowed Hypercall to offer options on such assets before rivals.
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. That figure is an attributed platform metric, not a measure of customer profits or money deposited.
IPO timing was becoming less certain
At the time of the report, prediction-market prices showed declining confidence in a near-term Anthropic listing:
- Polymarket: The implied chance of a November IPO fell from roughly 88% on Tuesday to as low as 51% on 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 market with nearly $4.9 million in volume put the probability of an IPO before December 1 at 60%, down from around 88%. Contracts covering a debut before January 1 and February 1 traded at 63% and 85%, respectively.
Those prices reflected market expectations, not a confirmed listing timetable.
The report also described a sharp technology-stock selloff on Thursday, when the Nasdaq fell around 6% during the session amid growing concerns about AI infrastructure spending. Sylvestre said his pricing concerns had shifted from a possible post-IPO rally to a potential slump.
“People that market make options are really pricing volatility,” he told The Block. “How fast it drops matters as much as how much it drops.”
An option can expire worthless. The report noted that a price swing does not automatically trigger a margin liquidation in the same way as a leveraged perpetual-futures position—a distinction, not an absence of risk.
What the report said about Anthropic’s filing
According to The Block, 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 showed that its five largest customers accounted for around 25% of revenue through the end of September.
The proposed options market would therefore add another layer of tradable exposure before a public listing whose timing remained uncertain. It would not give buyers an ownership stake in Anthropic.
Original report published: November 6, 2026, at 21:00 UTC+08:00. This article preserves that reporting context; the launch was prospective at the time.
Source: The Block — Hypercall to launch first Anthropic-linked pre-IPO options market