Morning Edition · Sunday, November 1, 2026Published at 1:46 AM EDT · New York

Synthetic Anthropic IPO contract on Hyperliquid fell about 20% in its first hour with no shares behind it

Trade.xyz's ANT market lets traders outside the United States take leveraged positions on a private AI company, creating an unregulated price for an asset that does not yet trade.

Trade.xyz has listed a contract called ANT on Hyperliquid that tracks the expected public-market value of Anthropic, the AI developer that has not yet gone public. The contract fell about 20% in its first hour. No shares back it, and US tra…