- 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 10x leverage and is explicitly described as a derivative tracking a price reference, not an instrument conveying any actual ownership stake in Anthropic
- Kraken is running an associated promotional trading competition for the product spanning November 10 through December 10, 2026
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.
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