Hypercall, a derivatives trading platform, is launching a novel marketplace that allows investors to trade options contracts on Anthropic, the AI research company behind Claude, before any public listing occurs. The platform will commence operations Monday, enabling participants in select international jurisdictions to gain exposure to the private AI powerhouse through call options, put options, and more sophisticated spread strategies. This development marks a meaningful expansion of the private equity derivatives ecosystem, allowing accredited investors and institutions to hedge or speculate on Anthropic's valuation trajectory without waiting for traditional IPO mechanics.
The private derivatives market has grown considerably over the past five years, driven by extended private funding rounds and delayed public debuts among venture-backed companies. Rather than relying solely on secondary sales through platforms like Forge and EquityZen, investors now have access to structured derivatives that provide downside protection or leveraged upside at lower capital requirements. Anthropic, valued at $20 billion in its last funding round in March 2024, has become one of the most scrutinized AI companies in market discussions, making options liquidity particularly valuable for sophisticated traders positioning around its eventual exit.
The geographic restriction to non-US jurisdictions reflects ongoing regulatory ambiguity surrounding unregistered securities and derivatives in the United States. While the SEC has increasingly focused on secondary trading platforms for private equity, options on pre-IPO assets exist in a gray zone federally, prompting platforms to pursue offshore licensing in jurisdictions like Malta, Singapore, and the UAE. Hypercall's approach mirrors strategies deployed by competitors seeking regulatory clarity while building liquidity infrastructure ahead of anticipated public market entries across technology and AI sectors.
The timing coincides with intensifying investor demand for AI-focused exposure and broader questions about whether Anthropic will pursue a traditional IPO, a SPAC merger, or remain private under steady-state funding. Options markets typically precede public listings by capturing consensus expectations around valuations, competitive positioning, and regulatory risks. As the AI landscape becomes increasingly crowded with both open-source and proprietary alternatives, Anthropic's market structure through derivatives will signal investor conviction about its moat and long-term defensibility.