Hypercall to launch Anthropic-linked pre-IPO options market outside U.S.

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Hypercall Anthropic pre-IPO options

Highlights

Hypercall will launch the first synthetic, cash-settled options market linked to Anthropic pre-IPO, with contracts trading 24/7 starting Monday.
The options market complements existing Anthropic-linked perpetual futures on Hyperliquid, enhancing hedging and broadening access to private-market exposure.
Hypercall previously reported $536 million in options notional trading volume in September, highlighting increasing demand for pre-IPO derivatives on high-profile companies.

Launch plan and contract structure

As first reported by The Block, Hypercall says it is launching what it describes as the first options market tied to Anthropic before the company goes public. Founder Jake Sylvestre and growth and marketing head Dan Edlebeck told the outlet that the contracts are expected to begin trading Monday and will run around the clock.

The products are synthetic, cash-settled derivatives, meaning traders do not own Anthropic shares and do not receive voting rights when a contract expires. Instead, payouts are based on the difference between a contract's strike price and the reference price at expiry.

Sylvestre said the platform supports standard calls and puts as well as more complex spreads and strategies. He said Hypercall is offering a fully featured options platform capable of structuring a wide range of contracts.

Market positioning and sector impact

The launch adds options to a market that already includes Anthropic-linked perpetual futures contracts on Hyperliquid, the network on which Hypercall is built. That existing perp market gives market makers a way to hedge risk when selling options before Anthropic shares begin public trading.

Edlebeck said that setup gives Hypercall an early advantage in listing options on private-market linked assets. The platform already offers options tied to SpaceX, the S&P 500 and major cryptocurrencies including bitcoin and ether, broadening its reach across crypto and synthetic exposure products.

Hypercall's expansion also points to rising demand for instruments that let traders express views on high-profile private companies without direct share ownership. Sylvestre previously said the platform handled $536 million in options notional trading volume in September, suggesting a growing base for more specialized pre-IPO derivatives.

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