ThinkMarkets and Pepperstone Open Bets on Anthropic’s Debut, Priced Two Different Ways

ThinkMarkets said today (Wednesday) it started quoting 24/7 contracts on Anthropic's and OpenAI's value at the close of their first trading day. Clients can go long or short, but the contracts are cash-settled CFDs that carry no shares and no IPO allocation.

Anthropic, whose Claude model powered nine of 10 broker AI agents trading live accounts in the first half, filed for an IPO on Monday and applied to list on the Nasdaq Global Select Market under the symbol ANT.

Its registration statement with the US Securities and Exchange Commission (SEC ) leaves the price range blank.

Crypto traders have already put a number on it. Perpetual futures tied to the listing implied a value of about $1.87 trillion on Binance on October 25 and 26, Bitcoin.com reported, almost double the $965 billion post-money valuation from Anthropic's May funding round.

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OpenAI has said it will not go public this year and was last valued at $852 billion in a round that closed on March 31. It has also said tokens sold by Robinhood in Europe were not OpenAI equity.

Crypto Venues Quoted Anthropic Months Earlier

ThinkMarkets arrives four months or more after crypto exchanges and two smaller CFD brokers started selling the same exposure. Bitget opened an Anthropic perpetual in early June with leverage of up to 20 times.

OKX said on May 6 it would list perpetual futures on OpenAI, SpaceX and Anthropic, and later offered them to European clients, where the European Securities and Markets Authority (ESMA) treats perpetual futures as CFDs subject to retail leverage caps.

On Hyperliquid, Ventuals ran OpenAI and Anthropic markets until June 15, when it wound down after more than $650 million in volume, CoinDesk reported. STARTRADER began offering OpenAI and Anthropic CFDs on June 29 with 5x leverage, and PU Prime listed the same two names around then.

Retail brokers ran the same race before SpaceX listed in June, when CMC Markets opened a grey market on the day Binance listed its pre-IPO perpetual in May. By FinanceMagnates.com's count, at least six venues quoted Anthropic before ThinkMarkets did.

Market Value or Share Price

Each ThinkMarkets contract tracks the company's expected market capitalization at the close of its first trading day, with one point worth $1 billion. A quote of 1,500 stands for a $1.5 trillion company.

Nauman Anees, co-founder and chief executive of ThinkMarkets, pointed to the trading hours as the reason for the launch.

"News on these listings does not wait for an exchange to open," he said.

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Positions can be closed at any time while the market is quoted. Those held into the listing settle against the actual first-day closing value and do not turn into shares, the same split between owning stock and betting on its price that ran through the SpaceX debut.

Pepperstone, which extended its perpetual CFDs beyond SpaceX to metals, indices and oil in July, launched its own Anthropic market this week and quotes a different number.

Its perpetual CFD tracks the price traders expect Anthropic's shares to open at, around $115 on Wednesday, with pricing drawn from centralized and decentralized exchanges. Positions can roll into a contract on the listed shares after the debut, Pepperstone said.

Chris Weston, Pepperstone's head of research, said the market gives "a live read on investor sentiment as Anthropic moves towards its listing."

The crypto venues behind those prices hold a small book. Open Anthropic contracts across more than a dozen of them were worth $134 million, Forbes reported on Tuesday, citing data provider DeFiLlama.

Part of a Weekend Product Range

The new markets join ThinkMarkets' 24/7 gold, silver, oil and US index CFDs. Gold is the crowded part of that business: at least 19 firms launched a dedicated weekend or 24/7 gold product between February 17 and October 1, FM Intelligence data show.

ThinkMarkets accounted for about 0.4% of the retail FX and CFD volume tracked in FM Intelligence's Broker Volumes over the first half of 2026, up 12% from a year earlier.