Hypercall plans to launch cash-settled options linked to Anthropic ahead of its proposed IPO, giving traders price exposure without ownership of the company’s shares.
In a report published by The Block on November 6, 2026, at 21:00 UTC+8, founder Jake Sylvestre and growth and marketing head Dan Edlebeck said trading was expected to begin the following Monday. Hypercall described the offering as the first Anthropic-linked options market. Contracts would trade around the clock, support fractional position sizes and be unavailable to U.S. customers.
Synthetic exposure, not equity ownership
The contracts are synthetic derivatives: holders would receive neither Anthropic shares nor voting rights at expiry. Cash payouts would be calculated using the contract’s strike price and its reference price at expiration.
Hypercall is built on Hyperliquid, where Anthropic-linked perpetual futures already trade. According to the executives, those perpetuals give market makers a way to hedge the risk of selling options before Anthropic’s shares begin public trading. That hedging route does not turn the options into a claim on the underlying shares.
The report did not specify custody arrangements, settlement counterparties or how the reference price would be determined—details needed to assess who controls collateral and who owes a payout.
Sylvestre said the platform supports basic calls and puts as well as more advanced spreads and strategies. The executives said Hypercall already offered options linked to SpaceX, the S&P 500, major stocks, bitcoin and ether. Sylvestre had previously reported $536 million in options notional trading volume for September.
IPO timing becomes less certain
The planned launch came as prediction-market pricing showed weakening 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% 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 volume.
- Kalshi: A similar market, with nearly $4.9 million in volume, put the probability of an IPO before December 1 at 60%, down from around 88%. Contracts for a debut before January 1 and February 1 traded at 63% and 85%, respectively.
Those figures reflected prediction-market pricing, not confirmation of a listing date.
The Block also reported that the Nasdaq fell around 6% during Thursday’s session amid growing concerns over AI infrastructure spending. Sylvestre said the backdrop had shifted his pricing concerns from a possible post-IPO rally toward a potential slump. He emphasized that options market makers price the speed of a move as well as its size.
An option can expire worthless. The report contrasted that risk with leveraged perpetual futures, where a price move can trigger margin liquidation.
Anthropic’s filing and financial disclosures
According to the report, Anthropic filed its S-1 on October 26, with plans to list on the Nasdaq under 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.
Original article: The Block — published November 6, 2026, at 21:00 UTC+8.