CNBC reported that a Hyperliquid contract tracking Anthropic implied a $98 share price Tuesday, above the $70-$78 range CNBC reported from an updated S-1, giving traders a market signal ahead of the company's proposed IPO.
The same contract implied a market capitalization of about $1.7 trillion, CNBC reported. Hyperliquid told CNBC that trading across its two Anthropic contracts totaled about $250 million in the prior 24 hours.
The market uses perpetual contracts, which CNBC described as instruments designed to track private-company prices. CNBC also reported that U.S. investors could not trade on Hyperliquid at the time.
The Anthropic contract had opened near $138 about two weeks earlier, CNBC reported. It later traded around $110-$120 before last week's technology-stock selloff, during which it briefly fell below $94.
CNBC said some proponents view gaps between pre-IPO contract prices and offer prices as a sign that underwriters set IPO prices cautiously, leaving room for an early rise after trading begins. As a comparison, the outlet cited SpaceX: its pre-IPO contracts moved closer to the eventual IPO share price after trading at a premium, and the shares then gained as much as 40% over three days after listing.
Hyperliquid trading data cited by CNBC showed a contract tracking OpenAI's market capitalization fell 7%, to an implied $1.27 trillion. CNBC said the decline may have reflected news of Anthropic's upcoming roadshow.
The contract market is separate from the leveraged products EconoTimes previously covered in connection with Anthropic's proposed IPO. CNBC said Anthropic was preparing for a roadshow and planned to raise capital through an IPO this month.