Trade Anthropic pre-IPO (ANT)
Anthropic, the company behind the Claude models and assistant, has not listed yet. There is still a market for it. ANT is a pre-IPO market on Hyperliquid that reflects Anthropic's anticipated share price, and you can long or short it 24/7 from Based.
Anthropic (ANT)
$112.05-0.1%24h
Mark price at , refreshed hourly. Live price in the app.
Pre-IPO · United States · quoted in USD
What ANT tracks
ANT references 1 share of Anthropic, PBC Class A common stock, expected to list on Nasdaq under the ticker ANT, quoted in USD. Until the listing there is no stock price to follow, so ANT reflects where traders expect the shares to price. TradeXYZ deployed the market on Hyperliquid, and Based is the self-custody wallet you trade it from.
November 20, 2026 is TradeXYZ's anticipated listing date for the ANT contract and the reference for its listing grace period. It is not a confirmed Anthropic IPO date. Anthropic's October 26 S-1 announcement gives the intended Nasdaq ticker ANT but no first trading date. ANT is expected to convert to a standard equity perpetual after regular share trading begins and sufficient external pricing data is available. See the listing FAQ below and TradeXYZ's alternative settlement rules for delayed or changed listing outcomes.
What you are actually trading
ANT is a perpetual future, a derivative. You get price exposure, long or short, with up to 10x leverage. ANT supports cross margin; check the margin mode available for your account in Based. You do not own Anthropic shares, you get no shareholder rights, and you will not receive shares at the IPO. Positions carry liquidation risk, and funding fees apply while they are open. Based is not a broker. Access needs no brokerage account and no bank account, just a self-custodial wallet funded with USDC.
ANT runs in growth mode, so it is charged TradFi Perps rates, the lowest fee schedule on Based.
Pre-IPO volatility and discovery bounds
Pre-IPO markets can swing hard as expectations about the listing change. To keep price discovery orderly without an external stock price, TradeXYZ limits how far the mark price can move from a reference price. For ANT that range is plus or minus 50%. The first reference was the $125 initial price, so the first bound ran from $62.50 to $187.50.
When the price pushes toward the edge of the range, the reference re-anchors and a new range opens around it, up to 3 times in each direction. After that the bound holds as a hard cap. While the mark price sits at a bound it cannot move further, and a position whose liquidation price lies outside the active bounds cannot be liquidated while those bounds are in effect. In a fast pre-IPO market the bounds may be hit more often than usual.
Read how discovery bounds work and check the current ANT market configuration before you trade.
It has happened before
SpaceX traded on Hyperliquid as a pre-IPO market and converted to a standard perp once it listed on Nasdaq. Unitree and ChangXin Memory went the same way before their listings in China. New to perps? Start with the perps guide and what liquidation means.
Frequently asked questions
- Can I buy Anthropic stock before the IPO?
- Not as shares through a broker. Anthropic is a private company until its listing, so no brokerage sells it. What you can trade is ANT, a pre-IPO market on Hyperliquid that reflects the anticipated share price. Through Based you can long or short it 24/7 with USDC, without owning Anthropic equity.
- What is ANT?
- ANT references 1 share of Anthropic, PBC Class A common stock (Nasdaq: ANT), quoted in USD. It is a pre-IPO perpetual future deployed on Hyperliquid by TradeXYZ. It is a derivative, so you get price exposure with liquidation risk and funding fees, and no shareholder rights.
- When is the Anthropic IPO?
- November 20, 2026 is TradeXYZ's anticipated listing date for the ANT contract, not a confirmed Anthropic IPO date. Anthropic's October 26 S-1 announcement gives the intended Nasdaq ticker ANT but no first trading date. The contract date is a reference for its listing grace period and may change.
- What happens to ANT when Anthropic lists?
- ANT is expected to convert to a standard XYZ equity perpetual once the shares begin regular trading and sufficient external pricing data is available. It remains a derivative; no shares are delivered. The contract allows a listing grace period of up to 60 days after November 20, 2026, no later than January 19, 2027. Delay alone does not trigger alternative settlement during that period. After it, TradeXYZ may invoke alternative cash settlement under its rules; this is not an automatic payout on January 19. The default uses the market's full-period time-weighted average price, unless another methodology is announced.
- How much leverage can I use on ANT?
- Up to 10x. ANT supports cross margin, but the modes available in Based depend on your account configuration. Check the margin selector before placing an order. Leverage is optional. Higher leverage moves your liquidation price closer to the current price, and pre-IPO markets can move sharply as expectations change.
Start in three steps
- Step 1
Log in
Log in with your email or Google account. Based supports social logins for convenience, provided by Privy, a Stripe company. Wallets are self-custodial: only you have access to your funds. Neither Based nor Privy can access your wallet or account.
- Step 2
Fund it
Deposit USDC. You do not need a bank account to do it.
- Step 3
Trade 24/7
Stock and crypto perps. Nights, weekends, holidays.
Based is a self-custody wallet, not a broker. Markets are perpetual futures on Hyperliquid: derivatives with liquidation risk and funding fees, not the underlying stocks or coins. For information only, not financial advice.