Anthropic IPO Countdown: Pre-Market Perpetual Contracts Reveal $1.4 Trillion Implied Valuation and Cross-Exchange Settlement Divergence

Anthropic’s pre-IPO perpetual futures are drawing more than $260 million in open interest across Entropy, TradeXYZ and OKX as the company prepares to list next week following its S-1 filing, with implied valuations averaging about $1.4 trillion—down from a prior peak above $2 trillion—after the filing disclosed roughly 18 billion fully diluted shares and a $70–$78 offering range. TradeXYZ’s ANT contract, which tracks one Class A share and has surpassed $65 million in open interest, traded near $97 on Nov. 10, about 23% above the top of the IPO range. OKX, which rebased its contract from 1 billion to 10 billion shares in June and plans another adjustment to about 15.2 billion shares covering Class A and N common stock, will settle on a broader share count than TradeXYZ, setting up cross-venue price divergence. Entropy, which prices on total market capitalization, leads with over $175 million in open interest. The fragmentation matters because each venue must converge from different valuation bases to the public ANT share price, and traders should watch the upcoming OKX rebase and the spread between per-share and market-cap contracts as listing nears.