Hypercall said on Friday that it will open options tied to Anthropic's pre-IPO share price on Monday, November 9, as the artificial intelligence company prepares for its Nasdaq listing. The launch date lands at the start of the same week Bloomberg had reported Anthropic's roadshow could begin.

The contracts go live at 8 a.m. EST and trade around the clock, weekends included. Traders can buy calls and puts or combine them into spreads. The options are synthetic and settle in cash, a structure that fits an underlying with no listed shares to deliver.

An Options Exchange Built on Hyperliquid

Hypercall, a Synapse product, is an options exchange built on Hyperliquid. The platform reported $536 million in options notional volume in September. Its existing markets cover SpaceX, the S&P 500, large US stocks, Bitcoin (BTC), and Ethereum (ETH).

Options Settle Against Perp Prices

Hypercall pointed to Anthropic's pre-IPO perpetual futures on Hyperliquid, where traders already bet on the company's valuation. Those markets run on HIP-3, a Hyperliquid feature that lets developers deploy their own perpetual futures. Hyperliquid's market data listed four Anthropic perps on Friday, operated by Trade[XYZ], Ventuals, Paragon, and EntropyIO.

According to Hypercall's documentation, its options are European-style, meaning they pay out only at expiry. Each contract settles in USDC against a 30-minute average of the oracle price on the underlying Hyperliquid perp.

For stocks and indices, that perp sits on Trade[XYZ]'s venue. Its list of underlyings, last updated on November 3, does not yet include an Anthropic perp. Whether that entry appears before Monday's 8 a.m. EST open is a detail to watch, since Hypercall's contracts on stocks settle against the perp on Trade[XYZ]'s venue.

Ventuals' SpaceX pre-IPO perp fell about 45% in May after bad oracle data from an outside provider, liquidating more than $1.5 million in long positions Hypercall said buyers of fully paid options can lose no more than their premium and face no liquidation before expiry. Likewise, market makers that sell those options can hedge on the Anthropic perps, which keep trading after US exchanges close.

Roadshow Timing Draws Doubts

Anthropic made its IPO filing public on October 26 and plans to list on Nasdaq under the ticker ANT. Its amended prospectus, filed on November 2, still leaves the price range blank.

Bloomberg had reported that the roadshow could start the week of November 9, with a debut before Thanksgiving on November 26. On Friday, however, Reuters reported that potential investors doubt the roadshow can go ahead next week. Four people familiar with the talks told the agency that investors are pushing for a lower valuation, viewing the recently discussed $1.5 trillion figure as the high end of expectations.