Polymarket Launches Anthropic Pre-IPO Perpetual Trading With 10x Leverage

By Matthew Brienen

Published: 2026-11-02T19:23:47.244+00:00

Polymarket has launched a perpetual futures contract tied to Anthropic ahead of the Claude developer's proposed initial public offering, giving traders a way to take long or short positions around the clock with up to 10x leverage.

The ANT pre-IPO contract is a derivative, so trading it does not give a buyer shares in Anthropic. Its price offers a way to speculate on the company's valuation before a public listing, but it should not be confused with an official IPO price or the price at which shares will eventually trade.

How the Anthropic Contract Works

Polymarket's pre-IPO page lists ANT as a market that traders can buy long if they expect its reference price to rise or sell short if they expect it to fall. The platform describes that reference as being drawn from the company's private valuation. The contract is available with up to 10x leverage, according to its listing.

Unlike a traditional futures contract with a set expiry, a perpetual position can remain open without rolling into a new contract. That does not mean it can be held indefinitely without costs or risk. Polymarket says positions remain open until the trader closes them or the available margin is liquidated.

A funding rate periodically transfers payments between long and short traders to help keep the perpetual price anchored to its reference. Depending on the direction of that rate and a trader's position, funding can add to the cost of holding a trade or provide a payment. The rate can change, so a trader's entry price is only part of the picture.

Why the Timing Matters

Anthropic filed a registration statement with the Securities and Exchange Commission on October 26 for a proposed initial public offering. The company said the registration statement had not yet become effective. A filing is a significant step toward a listing, but it does not itself complete the offering or guarantee its final terms.

Interest in Anthropic has grown alongside the adoption of its Claude AI products, including Claude Code. A pre-IPO perpetual gives traders a market in which to express a view while the public offering is still pending, including outside conventional stock-market hours.

That price is a market signal, not a company valuation set by Anthropic or a promise about its eventual stock price. Contract design, available liquidity, funding payments and the mix of buyers and sellers can all affect where a derivative trades. Readers should check the current contract specifications, including its reference and how the platform handles a future IPO, before interpreting the quote.

Leverage Changes the Risk

Leverage increases the size of a position relative to the margin committed to it, magnifying gains and losses. At 10x leverage, even a relatively small adverse move can put substantial pressure on that margin. Liquidation can occur before the market has a chance to recover, and the exact threshold depends on the platform's rules and the position.

Trading at all hours also means a position can move while its owner is away from the screen. Liquidity and spreads may vary, particularly when new information emerges or activity is thin. A quoted price is not a guarantee that a large order can be filled at that same price.

For anyone watching Anthropic's path to public markets, the useful distinction is straightforward: the Polymarket contract is a leveraged trading instrument linked to a reference price. Actual shares, if the IPO proceeds, would represent equity in the company and come with a different set of terms and risks.