In our view, this is one of the most important moments in Hyperliquid's history. Anthropic is one of the largest IPOs ever, with a Nasdaq listing expected around November 20. Until then, Hyperliquid is one of the few venues where it trades, through trade[XYZ]'s pre-IPO contract, xyz:ANT. How the IPOP is built: • No external price before listing: the oracle is a 30-minute EMA driven by the order book itself • $125 starting reference with ±50% discovery bounds • Up to 10x leverage, isolated margin • Funding at 1% of a standard trade[XYZ] perpetual derivative until listing • Converts to a standard perpetual derivative once Anthropic trades, with a 60-day grace period if the IPO slips All eyes will be on Hyperliquid. How efficiently this market prices Anthropic ahead of the listing will matter a lot for the credibility of IPOPs as a whole. SpaceX and others were a success, but this one will be just as important, if not more. And with OpenAI likely not far behind, all eyes could stay on Hyperliquid for the foreseeable future.