Hypercall to Launch First Anthropic-Linked Pre-IPO Options Market

The interesting part is not the Anthropic exposure itself but the structure: options on a private valuation, offered only where regulators allow it. That creates a venue for expressing views on a company whose valuation has no public price discovery, which is a different proposition from holding pre-IPO equity. The jurisdictional carve-out signals that the product's reach, not its design, is the binding constraint. Whether such pre-IPO derivatives attract durable two-sided flow, and whether other venues follow into the same gap, is the open question.