How to Trade Anthropic (ANTHROPIC) on Hyperliquid

What Is Anthropic

Anthropic is a San Francisco-based AI safety and research company founded in 2021 by siblings Dario and Daniela Amodei, both former leaders at OpenAI. Structured as a public benefit corporation, Anthropic's stated mission is building reliable, interpretable, and steerable AI systems — a positioning that has attracted both safety-conscious researchers and massive capital.

The company's core product is Claude, a family of large language models trained using a technique called constitutional AI, where the model is guided by an explicit set of principles rather than purely human feedback. Claude is available via API, web interface, mobile apps, and desktop clients, and has gained particular traction in enterprise deployments, coding workflows, and long-context reasoning tasks.

Anthropic's investor base reads like a who's-who of big tech. Amazon has committed up to $8 billion and serves as Anthropic's primary cloud provider through AWS. Google invested roughly $2 billion and signed a deal to supply Anthropic with over one million custom TPUs starting in 2026. The company's board includes Reed Hastings and Jay Kreps, and it maintains a Long-Term Benefit Trust designed to cap any single investor's voting power — a governance structure meant to preserve independence even as strategic capital pours in.

Why ANTHROPIC Matters for Traders

The ANTHROPIC perpetual contract tracks the company's implied total valuation in billions. When 1 ANTHROPIC trades at $597.60, the market is pricing the company at roughly $598 billion — a significant premium to the $380 billion post-money valuation set by the $30 billion Series G that closed on February 12, 2026. That round, led by GIC and Coatue, was the second-largest venture funding deal of all time, behind only OpenAI's $40 billion raise in 2025.

The revenue trajectory is the primary driver. Anthropic's annualized revenue run rate has surged past $19 billion as of early March 2026, more than doubling from roughly $9 billion at the end of 2025. Claude Code alone has hit $2.5 billion in annualized revenue, with business subscriptions quadrupling since January. Enterprise customers — firms spending over $100,000 annually on Claude — have grown 7x in the past year and now represent roughly 80% of total revenue.

For traders, the ANTHROPIC perp is one of the only ways to express a real-time view on this valuation outside of accredited-investor secondary platforms like Hiive or Forge. Private rounds reprice infrequently; the Hyperliquid perp reprices 24/7 against every news cycle, earnings leak, and competitive development. That makes it a uniquely responsive instrument for anyone with a thesis on the AI arms race.

Key Trading Considerations

Valuation gap. The perp currently implies a ~57% premium to the last official funding round. That gap either closes via secondary markets catching up or the perp cooling off. Watch for follow-on secondary pricing on Forge and Hiive to confirm or reject the re-rating.

IPO optionality. Anthropic has hired Wilson Sonsini to prepare for a potential IPO and held preliminary talks with investment banks. A 2026 listing is possible but not confirmed. Any concrete IPO signal would be a major catalyst — both for the valuation level and for perp liquidity as more traders engage.

Pentagon risk. In late February 2026, the Pentagon designated Anthropic a supply-chain risk — a classification traditionally reserved for foreign adversaries — after the company refused to permit autonomous weapons and mass surveillance use of Claude. Anthropic walked away from a $200 million DoD contract rather than compromise. The designation could force defense contractors to certify they don't use Claude. Anthropic has vowed to challenge it in court. The market largely shrugged, pricing the $200 million loss as trivial against an $18 billion revenue base, but a broadening of restrictions beyond defense would be a different story.

Cost structure. Anthropic has committed to roughly $80 billion in cloud compute spend through 2029 across Amazon, Google, and Microsoft. The company pushed its cash-flow-positive target to 2028. Revenue growth is extraordinary, but margins remain an open question — and for a valuation-tracking perp, the market's patience with capital burn is a live variable.

Liquidity. ANTHROPIC is a HIP-3 perp with relatively thin volume — recent 24-hour turnover has been around $46,000. Outsized moves on low liquidity are common in these contracts, so position sizing and limit orders matter more than usual. The 3x max leverage keeps risk bounded, but slippage can still be significant on larger entries or exits.

Competitive landscape. Anthropic faces direct competition from OpenAI, Google DeepMind, and xAI, all of which are scaling aggressively. The defection of Max Schwarzer — OpenAI's former VP of Research who led GPT-5 development — to Anthropic in March 2026 was a strong talent signal, but the AI race is far from settled. Model differentiation could compress or widen over any given quarter.

Trading on Hyperliquid

Trade ANTHROPIC on Hyperliquid with up to 3x leverage.