Phantom says Anthropic's IPO is next week, and its pre-IPO perps market is open to trade now

What Phantom said

Phantom told its followers late on Monday 9 November 2026 (23:12 UTC, 00:12 on 10 November in Amsterdam) that "Anthropic's IPO goes down next week", and that its pre-IPO perpetuals market on Anthropic can be traded in the app right now. The post quotes a Kalshi post from earlier that evening saying Anthropic plans to start trading next week.

The market itself is not new. Phantom opened it on 26 October, the day Anthropic said it had filed for a proposed IPO, with long or short positions and leverage of up to 10x. What changed is the timing story around it: Phantom and Kalshi now point to a stock market debut as soon as next week, and Phantom is inviting traders to take a position before that happens.

Is the IPO date confirmed?

Not by Anthropic. The "next week" timing comes from Phantom and Kalshi, and neither post cites an Anthropic statement or gives a date. When Anthropic announced its S-1 filing on 26 October, it said the number of shares and the price range had not yet been determined, and it has not published a first trading date on its own channels since. Until Anthropic or its listing venue announces one, treat the date as expected, not fixed.

That matters for this product more than for most. A pre-IPO perp is built around an anticipated listing, so a delay or a change of plan feeds straight into the price and into how open positions are settled.

What you are actually trading

A pre-IPO perp is not Anthropic stock and not a place in the IPO. In its reply to the new post, Phantom warns that these contracts involve significant risk including total loss of funds, that prices are speculative, and that the companies they reference, here Anthropic, are not affiliated with the markets. The product disclosures linked from that reply describe the contracts as synthetic derivatives that give no shares, no IPO allocation and no voting or dividend rights.

The price is set by trading on the order book, not by an official valuation, so it can end up far from the eventual IPO price range or the first traded price. The contract is a perpetual future, a leveraged bet on that price moving up or down, with no expiry date. Our 26 October story on the launch goes through the disclosures point by point.

The listing week is the riskiest part

The same disclosures warn that a listing can be delayed, cancelled or restructured, and that if no reliable reference price appears, trading may be halted and positions settled far from where they were opened. Even if the IPO goes ahead on schedule, the switch to a new mark price at listing can trigger immediate liquidations, and thin liquidity can stop a stop-loss or a quick exit from filling where you expect.

Leverage multiplies all of this. Phantom offers up to 10x on this market, and at 10x a move of roughly 10% against a position is enough to wipe out the margin behind it, before fees and funding.

Who can trade it, and what it costs

Phantom's help centre says perps are not available in the United States, the United Kingdom and other territories, and its region page is the place to check the full list. The new post's own warning says the market is not available in the US and other jurisdictions. Where it is offered, perps run in the Phantom mobile app and in Phantom Terminal on desktop, not with a Ledger account.

The help centre lists a 0.095% fee on each position operation, made up of 0.05% for Phantom and 0.045% for Hyperliquid, a minimum order of 10.25 USDC, and a flat 1 USDC fee on the first deposit or withdrawal. It adds that equity and other HIP-3 markets can carry extra deployer fees, and Phantom has not published a separate fee schedule for the Anthropic market. You can pay from your Cash balance, CASH, SOL or USDC on Solana, and funds left after closing return to your perps balance in USDC.

Where else to trade Anthropic pre-IPO

Phantom is not the only venue on our site with an Anthropic pre-IPO market. Our checks of official channels on 10 November found two more with live contracts, each covered in its own story: Aster runs an ANTHROPIC pre-IPO perp in USDT and USD1 versions with up to 10x leverage, and Lighter runs one that it says will settle and delist on the first Friday after the IPO. Kraken, OKX (through X-Perps in Europe), Coinbase Wallet and fomo announced their own Anthropic pre-IPO perps on 26 and 27 October, and Kraken has since said a tokenized Anthropic IPO through its xStocks is coming soon.

The contracts differ in leverage, in how they end at the listing and in which countries can use them, and none of them is Anthropic stock. Read each venue's own rules before you trade; the stories are linked below.

Our take

An IPO headline makes this market feel like a shortcut to owning Anthropic, and it is not one. It is a leveraged contract on sentiment, and the days around a listing are when its specific risks, halts, repricing and liquidations, are most likely to show up. If you trade it, use low leverage, size the position as money you can lose entirely, and do not rely on the "next week" date until Anthropic confirms it. Our 26 October story on the launch of the market is linked below.