trade.xyz has launched ANT, a pre-IPO perpetual (IPOP) market tracking one share of Anthropic, PBC Class A common stock. The USD-denominated contract reflects current market expectations for the AI company's share price and will convert into a standard XYZ perpetual contract upon Nasdaq listing under ticker ANT. The platform cautioned that pre-IPO markets may experience high volatility, with mark prices frequently hitting upper and lower discovery bounds. Deviation from the reference price will be temporarily constrained to manage risk during this period.