Aster's Anthropic pre-IPO perp is live in USDT and USD1 with up to 10x as the expected listing nears

What Aster offers

Aster, the multi-chain perpetuals exchange, has an Anthropic pre-IPO perpetual that is still live as the expected listing gets closer. Aster's documentation lists the ANTHROPIC market with a status of live and leverage of up to 10x, the same limit Aster announced when it opened the market on 5 June 2026. Aster's own market data showed two versions trading on 9 November: one margined in USDT (ANTHROPICUSDT) and one in the USD1 stablecoin (ANTHROPICUSD1).

The contract tracks what Aster calls the market-implied price per share of Anthropic. It uses a reference share count of 1 billion, so the price can be read as a valuation in billions of dollars: a price of 1,400 implies about $1.4 trillion.

Why it is in the news now

Anthropic has filed for a proposed IPO, and Phantom said on 9 November, citing a Kalshi post, that the listing is expected next week. Anthropic has not announced a first trading date, so the timing remains an expectation from those companies, not a confirmed fact. Aster's own specification table lists an outside launch date of Q4 2026 and names an IPO as the anticipated listing event.

Aster has not yet published an Anthropic-specific plan for what happens to the contract after the listing. Its documentation says it can adjust pricing and settlement, replace the reference share count, extend or terminate the contract, or delist it, at its discretion. When an earlier pre-IPO market, UNITREE, listed publicly in August, Aster moved it to a standard perpetual. That shows one route Aster has taken before, not a promise for Anthropic.

What you are actually trading

This is a synthetic, leveraged derivative, not Anthropic stock. Aster's documentation says a pre-IPO position gives no equity, no shareholder or voting rights and no part of any IPO allocation. The price comes from trading on Aster, so it can differ sharply from the IPO price range or the first traded price.

The listing week carries extra risk. If the listing is delayed or never happens, Aster says the contract may be settled or terminated at its discretion. If it goes ahead, the move from a valuation-based price to a real share price can be abrupt, and at 10x leverage a move of about 10% against a position is enough to wipe out its margin before fees and funding. Aster also sets a 5% price cap and floor on market orders, so in a fast market an order may not fill in full.

Who can trade it

Aster's terms say its services are not available to people in the United States, Canada, the United Kingdom, China, Russia, Ukraine and several other countries. Check the current terms for your country before connecting a wallet.

Our take

Aster was early to this market and still runs it in two collateral flavours, which is useful if you already hold USD1. The gap is the exit plan: until Aster publishes how the Anthropic contract will settle or convert, anyone holding through listing week is relying on a discretionary decision. Use low leverage and do not assume the contract will behave like the stock.