Kraken announced on November 11, 2026 the launch of an “ANTHROPICx Perp” derivative, ticker PF_ANTHROPICXUSD, tracking the pre-IPO valuation of AI company Anthropic The product offers up to 1
Kraken published a blog post on November 11, 2026 introducing a new derivative product that lets traders speculate on the valuation of Anthropic, a privately held artificial intelligence company with no public shares currently trading on any stock exchange. The product, called the ANTHROPICx Perp and listed under the ticker PF_ANTHROPICXUSD, is structured as a perpetual futures contract tracking a reference price tied to Anthropic’s pre-IPO valuation, allowing traders exposure to changes in that valuation without the company ever having conducted a public offering.
The contract offers leverage of up to 10 times a trader’s posted margin, lower than the leverage typically available on Kraken’s more conventional cryptocurrency perpetual products, a design choice that may reflect the comparatively higher uncertainty and lower liquidity inherent in tracking a private company’s valuation rather than an actively traded public asset with continuous, verifiable market pricing.
Kraken’s announcement is careful to frame the product strictly as a derivative, explicitly stating that the contract tracks a price reference rather than conferring any actual ownership stake, shareholder rights, or claim on Anthropic itself. That framing matters significantly for how the product should be understood by traders: profit or loss depends entirely on how the reference price used by Kraken’s settlement mechanism moves, a mechanism inherently more opaque and harder to independently verify than a continuously quoted public stock price, since no public market for Anthropic shares exists to cross-check it against.
To promote the new product’s launch, Kraken is running a trading competition tied to the ANTHROPICx Perp spanning November 10 through December 10, 2026, incentivizing early trading volume and presumably helping bootstrap liquidity for a contract tracking an asset that, by definition, has no existing derivatives market to draw price-discovery signals from elsewhere.
The launch represents a novel category of product, a tradable derivative referencing a private company’s valuation before any public listing, that sits at the intersection of crypto-native derivatives infrastructure and the broader, separate world of private-company secondary-market valuation, an area that has historically been accessible only to accredited investors or employees holding direct equity stakes. The full announcement is published on Kraken’s own blog.
This post first appeared in Kraken Launches a Derivative Tracking AI Company Anthropic’s Pre-IPO Valuation
