# Hyperliquid Anthropic Tracker Implies $1.7 Trillion Market Cap

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/54361
Published: 2026-11-11T19:20:57.000Z
Updated: 2026-11-11T19:20:57.000Z
Section: Investing

> A tracker indicated a $98 share price, 26% above the top of Anthropic’s $70 to $78 IPO range. Hyperliquid’s two Anthropic trackers had about $250 million in combined 24-hour volume.

Anthropic’s planned IPO is drawing prelisting activity on Hyperliquid, where trackers tied to the company implied a roughly $1.7 trillion market cap in a Nov. 10 snapshot.

One tracker indicated a $98 share price. That was 26% above the upper end of Anthropic’s $70 to $78 range in its updated S-1 filing and 40% above the lower end. The $1.7 trillion figure is a contract-implied market cap, not an established valuation for Anthropic.

Hyperliquid’s two Anthropic trackers recorded about $250 million in combined volume during the 24-hour period covered by the snapshot. U.S. investors could not trade on the exchange at the time.

The contract’s price has shifted since trading began at $138 about two weeks earlier. It later settled in a range of roughly $110 to $120 before a technology-stock selloff pushed it below $94 at one point.

Pre-IPO perpetuals are crypto contracts designed to follow price indications for privately held companies. They let traders take positions tied to a company before its shares list publicly.

SpaceX offers a separate comparison: its pre-IPO perpetuals traded above the eventual IPO share price before moving closer to it. After the listing, SpaceX shares rose as much as 40% over three days.

In the same Nov. 10 market snapshot, perpetuals tracking OpenAI’s market cap fell 7% to $1.27 trillion. One OpenAI contract recorded $2.8 billion in 24-hour volume. Anthropic plans to raise money through an IPO this month.