Traders build $260M exposure to Anthropic IPO through pre-IPO perps

Traders are building exposure to Anthropic's upcoming IPO through pre-IPO perpetual futures markets, accumulating over $260 million in open interest across venues like Entropy, TradeXYZ, and OKX. The author examines how non-uniform settlement rules and varying share-count denominators across these platforms create price discrepancies and divergent implied valuations, while comparing the dynamics to historical pre-IPO perpetual markets like SpaceX. Open article →