Hypercall is preparing to launch what it describes as the first options market tied to Anthropic ahead of the AI company’s initial public offering, with trading set to begin Monday, November 9 at 8 a.m. EST. Founder Jake Sylvestre and growth and marketing head Dan Edlebeck said the contracts will trade around the clock, although they will not be available to U.S. customers.
The new instruments are synthetic, cash-settled derivatives, meaning traders will not own actual Anthropic shares or receive voting rights at expiry. Payouts will instead be calculated based on a contract’s strike price and its reference price at settlement. Hypercall says the launch adds options to a market that already offers Anthropic-linked perpetual futures contracts. The platform supports basic calls and puts, which Sylvestre called 'vanillas,' as well as more advanced spreads and volatility strategies. 'It's a fully featured options platform,' he said. 'Any kind of option you want to structure, we can do.'
The platform is built on Hyperliquid, where existing Anthropic-linked perpetuals provide market makers with a way to hedge the risk of selling options before Anthropic shares begin trading publicly. Hypercall connects directly to Hyperliquid’s perpetual futures markets within a unified USDC-margined account, offering fractional sizing and defined-risk long options. 'We're able to provide options on these assets before anyone else can,' Edlebeck said. Hypercall already offers options tied to SpaceX, the S&P 500 and major cryptocurrencies, including bitcoin and ether, and reported $536 million in options notional trading volume for September.
The rollout comes amid growing trader doubts over the timing of Anthropic’s IPO. On Polymarket, the probability of a November IPO fell from about 88% on Tuesday to as low as 51% by Thursday, while the chance of a January 2027 debut jumped from less than 1% to nearly 17%. A Kalshi market with nearly $4.9 million in volume put the odds of an IPO before Dec. 1 at 60%, down from about 88%. Technology shares also sold off sharply Thursday, with the Nasdaq falling roughly 6% during the session amid concerns around AI infrastructure spending. Sylvestre said that backdrop has shifted his concern from a post-IPO rally to a potential slump. 'People that market make options are really pricing volatility,' he said. 'How fast it drops matters as much as how much it drops.'
Anthropic filed its S-1 on Oct. 26 and 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 also disclosed that its five largest customers accounted for around 25% of revenue through the end of September.
