The NEAR Protocol, a prominent decentralized platform, has officially launched confidential perpetual futures trading for shares of the artificial intelligence (AI) powerhouse, Anthropic. This move, announced on October 27, 2026, allows traders to speculate on Anthropic’s valuation well before its anticipated listing on the Nasdaq. The new instrument, operating under the ticker ANT, runs on the HyperliquidX platform, powered by Tradexyz.
This initiative represents a notable convergence of decentralized finance (DeFi) and the rapidly expanding AI sector. It offers a new avenue for investors to access private corporate assets, a domain traditionally reserved for venture capital firms and accredited institutional investors. The launch comes on the heels of Anthropic’s comprehensive S-1 filing with the U.S.
Understanding NEAR Protocol Anthropic Futures
Securities and Exchange Commission (SEC), providing crucial financial data for market participants.
The introduction of ANT perpetual futures by NEAR Protocol marks a significant step in how market participants can engage with high-growth private companies. Traders can now leverage up to 10x, with positions designed to remain hidden from public scrutiny. This privacy feature is a cornerstone of the new offering.
This trading mechanism allows speculators to bet on Anthropic’s future value without waiting for traditional exchanges to facilitate an Initial Public Offering (IPO). It essentially transforms the pre-IPO phase of a major tech company into an on-chain game. For those interested in this dynamic market, regulated perpetual futures highlight how such platforms are gaining traction.
Anthropic’s Financial Disclosure Fuels Trading
The catalyst for this new trading activity was Anthropic’s public filing of its S-1 registration statement with the SEC on October 26, 2026. This document laid bare the financial parameters of the company behind the Claude neural network. It provided concrete figures for valuing the asset, giving futures traders an informed basis for their speculation.
Anthropic’s financial trajectory has been impressive, as revealed in its S-1 filing. The company’s revenue soared from $41 million in 2023 to $4.6 billion in 2025. In the first half of 2026 alone, revenue reached an astonishing $16.3 billion, a fourteen-fold increase from the previous year. This rapid growth underpins much of the enthusiasm in the futures market.
Despite reporting an operating profit for the first time in Q2 2026, the company recorded a net accounting loss of $80.7 billion for the first six months of the year. This substantial loss is largely attributable to the rising value of notes and similar deals, rather than cash payments.
The filing also detailed colossal computing costs, with $417 billion spent on renting and purchasing computing power over the last five months.
The Dynamics of Pre-IPO Perpetual Futures Markets
Pre-IPO perpetual futures are not unique to NEAR Protocol; they represent a burgeoning segment within the broader crypto derivatives market. These contracts allow continuous speculation on an asset’s price without an expiration date. This provides continuous exposure to market movements, differentiating them from traditional futures contracts.
The crypto perpetuals market has seen explosive growth, with monthly trading volumes averaging around $4.7 trillion. For high-profile, privately held companies like Anthropic, these instruments offer a way to gauge public market sentiment and price discovery before a formal IPO.
Anthropic’s last confirmed primary valuation was $965 billion post-money from its Series H round in May 2026. This makes it the world’s most valuable private AI company, underlining the market’s high expectations.
Market Fragmentation and Pricing Discrepancies
The nascent nature of these markets often leads to liquidity fragmentation and price discrepancies across platforms. On October 27, 2026, the valuation of Anthropic on these perpetual futures markets was stabilizing around $115 per contract. However, perpetual futures were also trading around $1,880 on crypto exchanges such as Binance and Hyperliquid, implying a significantly higher valuation.
This wide gap arises from differing batch specifications of lot sizes, where one contract tracks an index of several stocks, while others quote the value of a single asset. Based on an assumed one billion shares, the $1,880 trading price implies a staggering $1.88 trillion valuation for Anthropic.
Regulatory Landscape and Access Restrictions
The innovative nature of pre-IPO perpetual futures also brings them under intense regulatory scrutiny, particularly in the United States. These instruments are classified as high-risk, cash-settled contracts, meaning they do not confer rights to actual Anthropic shares.
Significantly, these ANT futures are currently unavailable to U.S. residents due to existing regulatory restrictions. This limitation underscores the cautious approach regulators are taking towards complex financial products within the crypto space.
The regulatory environment for digital assets continues to evolve globally, impacting product accessibility and market reach. Some jurisdictions, like Canada, are actively involved in stablecoin rule consultation for new financial frameworks.
Anthropic’s Path to Nasdaq
Anthropic’s confidential IPO filing with the SEC occurred in June 2026. The company intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT. While the S-1 filing has been made public, details such as the exact share count and offering price remain undetermined. An amended filing is expected to provide these critical specifics.
The timing of Anthropic’s IPO could still shift. Reports suggest a possible delay until after the November 2026 U.S. elections, with some indications pointing to trading beginning the week of November 16, 2026.
This potential delay means the pre-IPO futures markets could continue to serve as a primary gauge of investor sentiment for some time. Goldman Sachs and Morgan Stanley are spearheading the underwriting syndicate for this highly anticipated public offering.
NEAR Protocol’s Strategic Focus on AI Integration
NEAR Protocol’s decision to launch Anthropic futures is deeply aligned with its broader strategic vision. The smart-contract platform is actively working to integrate AI models into its network, with ambitious plans to develop the world’s largest open-source AI model. Its technology stack combines NEAR Protocol settlement capabilities with NEAR Intents for unified liquidity across different blockchains.
Crucially, NEAR AI is designed to support confidential agent operations, making the private nature of the Anthropic futures a natural fit. This strategic direction positions NEAR Protocol as a key player in the intersection of decentralized technology and artificial intelligence.
The platform aims to bridge the gap between AI development and secure, transparent blockchain execution, creating new opportunities for innovation and investment within the altcoin ecosystem.
This focus on AI integration suggests a future where decentralized applications play an even more critical role in computational finance, potentially leveraging new digital currency initiatives.