Hypercall plans to bring pre-IPO options on Anthropic on-chain, with trading opening Monday and running around the clock. But access is limited to certain non-U.S. jurisdictions; U.S. customers are shut out.

The contracts are synthetic and cash-settled: exercising them won’t get you shares or voting rights. Settlement is based on the strike price and the reference price at expiry. If you want to bet on the valuation of an AI unicorn, you can bet on its price—but not on owning a stake.

Pricing is hedged against existing Anthropic-linked perpetuals on Hyperliquid, so options market makers aren’t left exposed. This structure is more worth watching than the contracts themselves.

The platform saw $536 million in notional options volume in September, with options on SpaceX, the S&P 500, $BTC, and $ETH also available. Watch the spreads and trading volume after the open to see whether they can live up to the “first” label.

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