Phoenix Launches 6X Anthropic Pre-IPO Perps as AI Giant Eyes a $100B IPO

Phoenix Trade, a fully onchain, non-custodial perpetuals exchange built on Solana, has launched a perpetual futures market offering exposure to Anthropic, giving traders a new way to speculate on the artificial intelligence company's valuation before a potential public listing.

Traders can now go long or short ANTHROPIC 24/7 with up to 6x leverage. Phoenix introduced support for $SOL as collateral in September, and the cash-settled ANTHROPIC perpetual market will support both $USDC and $SOL as collateral, letting users manage positions from the same account they use for cryptocurrency, equity, and commodity markets. 

How Phoenix Prices ANTHROPIC

Phoenix uses a custom pricing model that combines onchain and offchain inputs to determine ANTHROPIC's reference price. The mechanism builds on Impact Pricing, which Phoenix uses for real-world asset perpetuals when external markets close.

Rather than freezing the last external oracle price until markets reopen, the system gradually adjusts that reference price based on liquidity and activity in Phoenix's order book. This approach lets the market keep operating outside conventional trading hours.

Anthropic's Revenue Climbs 45% to $16.8B

The launch comes as Anthropic prepares for a potential IPO that could rank among the largest in history. Anthropic executives reportedly told prospective investors yesterday, October 14, that revenue reached $16.8 billion in Q3 2026, up approximately 45% from $11.6 billion in Q2. Revenue rose from $4.7 billion in Q1, marking successive quarterly increases this year.

The company, which develops the Claude AI assistant, also reportedly said it remained profitable for a second consecutive quarter after certain adjustments. Its adjusted gross margin reached 85%.

Bankers have reportedly discussed a potential fundraising target above $100 billion and a $2 trillion valuation. Anthropic could begin trading publicly as early as next month, although the timing and terms remain uncertain.

These figures help explain why traders may want exposure to Anthropic before a listing. However, ANTHROPIC perpetuals provide leveraged price exposure rather than ownership rights or a claim on the company's financial performance.

Anthropic Already Attracts Pre-IPO Traders on Solana

Phoenix enters a market that has already attracted considerable activity on Solana. According to a September report by Allium Labs, 7 pre-IPO tokens generated $1.3 billion in trading volume on Solana this year. SpaceX led with $330 million, followed by OpenAI at $272 million, while Anthropic ranked third by volume.

Anthropic nevertheless attracted 23,722 traders, more than SpaceX, suggesting that interest extends beyond the largest trading markets. Phoenix's new offering gives traders another venue to express their views, now with up to 6x leverage.

Phoenix Volume Climbs as Solana Expands Trading Incentives

Phoenix's launch also comes amid rising activity across its perpetual markets. The exchange has recorded several weekly trading volumes above $300 million since late July, according to Blockworks data. Phoenix generated over $1 billion in volume in both August and September alone.

Its growth coincided partly with Flight Club, Phoenix's incentive program that distributed $420,000 to traders between July 27 and August 23. Solana's Frontier Traders program has provided another source of incentives, tracking activity across 16 venues and offering more than $1 million in total prizes. Season 1 focuses on perpetual futures trading through Phoenix Trade and Solflare Perps powered by Phoenix.

Phoenix’s launch of ANTHROPIC perps and its expanding lineup aims to address Solana traders’ long-standing complaints about limited perps trading options and help Solana’s perps ecosystem compete with more established venues like Hyperliquid. Solana traders have long cited the lack of available trading pairs as one of the biggest barriers to adoption. Phoenix’s listings are helping close that gap and give users fewer reasons to look elsewhere. 

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