In a report published on November 12, 2026, at 14:37 Beijing time, BlockBeats described strong reported demand for Anthropic’s planned IPO alongside active trading in Anthropic-linked onchain contracts. The two markets tell related but different stories: an indication of interest in shares is not a completed sale, and a contract-implied valuation is not an IPO price.
Bloomberg, citing people familiar with the matter, reported that institutional indications of interest substantially exceeded the shares available. According to the Nasdaq notice cited by BlockBeats, Anthropic expected to set its offer price on November 18, U.S. Eastern time, and begin trading under ANT on November 19. Those were the expected dates at the time of the report, not confirmation that either event occurred.
The latest prospectus cited in the report retained a $70–$78 per-share range for 825 million publicly offered shares, implying proceeds of approximately $57.75 billion–$64.35 billion. At the top of that range, using the potential diluted share count disclosed in the prospectus, the fully diluted valuation would be about $1.40 trillion. The Financial Times had separately reported that underwriters were considering a valuation of $1.5 trillion or more. A concurrent $26 billion private placement involving seven companies, including Google and Nvidia, was separate from the public offering.
What the onchain contracts priced
TradingBeats reported that, as of midday on November 12, three active Anthropic-linked contracts on Hyperliquid implied fully diluted valuations near $1.8 trillion:
- Trade.xyz’s xyz:ANT traded at $103.39, about 32.6% above the $78 top of the proposed offer range, implying roughly $1.86 trillion.
- Entropy’s io:ANTH stood at 1,799.5 points, implying roughly $1.80 trillion.
- Paragon’s para:ANTH traded at $103.19, implying roughly $1.86 trillion.
Together, the three markets had approximately $101 million in 24-hour volume and $304 million in notional open interest. Volume was down about 60% from roughly $250 million before midday the previous day, while open interest had risen from about $294 million. Trade.xyz’s ANT contract had earlier fallen to $90.37 after the offer range was disclosed, then rebounded.
TradingBeats also identified opposing large positions. It reported that address 0xecc8 held about $42.82 million in Anthropic shorts across two markets, with approximately $1.6 million in unrealized profit. On November 12, it added about $766,000 in Trade.xyz trades and at least $929,000 in Entropy shorts. On Entropy, address 0xc0f7 held about $17.02 million in longs, with approximately $286,000 in unrealized profit; its position had grown by an amount corresponding to about $8.15 million over 24 hours, including at least $2.75 million added in the early hours of November 12.
Prediction markets expressed expectations, not outcomes. At midday, Polymarket assigned about an 85.35% implied probability to a November 19 U.S. Eastern listing and 55.3% to a final offering valuation between $1.5 trillion and $1.75 trillion, up 26.55 percentage points over 24 hours. It put the chance of a first-day closing price above the offer price at 89%. A separate market gave a roughly 44.3% chance that first-day closing market capitalization, calculated using shares actually outstanding, would exceed $1.5 trillion. That measure differs from the fully diluted valuations above.
Contract specifications mattered, too. BlockBeats reported that OKX planned a 17:00 Beijing-time adjustment on November 12 to its Anthropic perpetual contract’s share-count basis, from 10 billion to approximately 13.116 billion shares. Under the reported adjustment, the quote would be divided by 1.311 and position size multiplied by 1.3116, leaving notional position value unchanged. A pre-adjustment quote of $137.37 would become about $104.73 on the new basis, close to Trade.xyz’s then-current $103.39. Binance had not yet adjusted its ANTHROPIC contract’s share-count basis.
For another point of comparison, BlockBeats cited Morningstar analyst Malik Ahmed Khan’s recent baseline fair-value estimate of $92 per share—about 24% above the proposed range’s $74 midpoint, but below the roughly $103 onchain quotes. None of these contract prices, forecasts or estimates established Anthropic’s eventual offer price or trading outcome.