OKX Offers 10x Anthropic Valuation Bets After IPO Filing

OKX promoted trading on Anthropic’s implied valuation with up to 10x leverage on Oct. 26, hours after the company filed for an IPO. Its X-Perps give eligible European Economic Area traders cash-settled exposure—not Anthropic shares or an allocation in the offering.

“Trading is already live on The New Money App,” OKX said at 12:26 p.m. ET, inviting users to go long or short. The market predates the filing: OKX published its Anthropic X-Perps launch terms on Sept. 10.

The IPO process brings a potential change for existing positions. OKX’s terms provide for a proportional adjustment, or rebase, once an official filing discloses the actual share count. That changes contract quantities and prices to move from an estimated valuation convention toward a per-share reference, while preserving the position’s dollar value apart from rounding.

Anthropic’s S-1 covers a proposed Class A stock offering and an intended Nasdaq listing under ANT. The company said the offering’s share count and price range have not been determined and the registration statement has not become effective.

Different Units Behind the Quotes

OKX’s launch specifications use an estimated 10 billion shares. Before a rebase, one ANTHROPIC reference unit represents approximately one ten-billionth of the company’s implied market capitalization. After the adjustment, the reference corresponds to one actual share—but the trader still owns a derivative, not that share.

That convention differs from Trade.xyz’s ANT market, covered earlier by The Defiant. Its specification references one Anthropic Class A share and sets a $125 initial reference price, rather than a company-valuation unit.

Binance’s ANTHROPICUSDT page uses an estimated one billion shares, while Liquid’s ANTH market assigns $1 billion of company valuation to each price point. The displayed numbers therefore cannot be compared directly as competing prices for the same share.

Before a public listing, OKX says price discovery is market-driven. Its product guide allows the reference index to incorporate other exchanges; its public ANTHROPIC-USD index feed listed OKX, Binance and Gate perpetual markets as components.

The Anthropic launch specifications set funding at a fixed daily rate of 0%, with eight-hour settlement intervals. The pre-IPO guide explains that the premium-index component is zero because no publicly traded underlying stock exists to anchor it.

Access is limited to eligible EEA users and requires identity verification and an appropriateness assessment. OKX’s guide warns that leverage can cause rapid liquidation. A rebase can also temporarily halt trading and cancel stop-loss and take-profit instructions, even though the adjustment itself is designed to preserve position value.

An IPO Changes the Reference, Not Ownership

After Anthropic completes its IPO and begins public trading, OKX intends to convert the contract into a standard equity-linked X-Perp at a time it determines. The listing does not itself deliver shares or automatically close the position.

Despite the name, these are long-dated expiry futures. OKX’s contract specifications list Sept. 12, 2031 as the Anthropic contract’s expiry; final cash settlement uses the relevant index’s average over the preceding 30 minutes.

If the IPO is cancelled or postponed and OKX decides to delist the contract, its pre-IPO guide says remaining positions will be settled at a final price determined by OKX in good faith and in a commercially reasonable manner.