A whale opened a $25.43 million short on Anthropic pre-market contracts via Hyperliquid after the AI firm set a $1.75 trillion IPO valuation target that sits below current platform pricing of $1.8 trillion.

OpenAI pilots outcome-based pricing for enterprises, charging only on task success while absorbing failures, as revenue growth slows ahead of $852B IPO.

CXMT IPO at ¥8.66 implies ¥580B cap while Hyperliquid pre-IPO futures price $6.1 for ¥2.8T, prompting $12.7M short against 3T RMB target versus SK Hynix Micron benchmarks.