Trade.xyz Launches Leveraged Anthropic IPO Contract on Hyperliquid

Trade.xyz has launched ANT, a leveraged contract tied to Anthropic’s potential IPO, on the Hyperliquid trading platform. The contract fell about 20% in its first hour, highlighting how sharply its price can move.

ANT does not represent ownership in Anthropic: there are no company shares backing the contract. U.S. traders are locked out. The launch comes a day after ICE partnered with Trade.xyz to bring regulated perpetual futures based on Hyperliquid to the U.S., though ANT itself is not part of that regulated offering.

What does the Anthropic contract actually offer?

The product gives eligible traders a way to take leveraged positions linked to an anticipated IPO, rather than buying Anthropic stock. Leverage magnifies gains and losses, so a position can lose value quickly when the contract moves against a trader.

The lack of shares behind ANT is an important distinction. Buying it does not give a trader equity, voting rights, or a claim on Anthropic’s assets. Its performance and terms depend on the contract itself, not direct ownership of the company.

What should traders watch before using ANT?

The reported 20% first-hour drop is a concrete reminder of the contract’s volatility. Traders considering it should check the product’s rules, what event or price reference determines its value, and how leverage and liquidation work before putting money at risk. U.S. residents are excluded, and access rules for other locations are not detailed in the available report.

ANT also differs from a conventional IPO: it offers a way to speculate before shares trade publicly, but it does not provide a route to owning Anthropic stock. That makes the contract’s terms—not the company’s future share price alone—the key thing for users to understand.