Anthropic's pre-market price is 33% above its pricing range, and the biggest short seller continues to add to its position.

Anthropic set an IPO price range of $70–78 per share, implying a $1.26–1.405 trillion market cap, with 825 million shares to be issued for up to roughly $64 billion in proceeds at the top of the range. On Hyperliquid, the largest Anthropic short has kept adding to a position now worth $70.5 million, carrying about $1.41 million in unrealized profit, according to on-chain analyst Yu Jin. Pre-market ANT contracts on Hyperliquid are trading near $104, about 33% above the top of the range, putting the short at growing mark-to-market risk if pricing lands at the upper bound. The IPO is reportedly multiple times oversubscribed, with pricing expected next Wednesday and trading to begin next Thursday. Watch whether the final price clears the range and whether the short continues to add or begins to cover.