Crypto Traders Bet Anthropic Will Be Worth $1.8 Trillion After IPO — WSJ
By Alexander OsipovichAnthropic is projected to have a market cap of $1.8 trillion after its IPO, which is expected to take place next week, based on trading at crypto exchange Hyperliquid.The contracts traded on Hyperliquid don't represent actual shares of Anthropic, but are instead bets on what the company's valuation will be when it starts trading.They're essentially a derivative of a derivative. Whenever Anthropic goes public, the pre-IPO contracts will convert into so-called perpetual futures, or "perps," that seek to track the price of Anthropic shares.Perpetual futures have exploded in popularity in recent months, in part because they trade 24/7, including on weekends and holidays when conventional markets are closed.Hyperliquid-the largest exchange for perps trading internationally-is off-limits to Americans, but Trump administration officials have said they are working to bring it onshore in a way that complies with U.S. financial regulations.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).