ProShares is moving ahead with plans for two leveraged exchange-traded funds linked to Anthropic, the artificial intelligence company developing the Claude model, as uncertainty grows around the size and timing of its initial public offering.

The proposed ProShares Ultra Anthropic ETF, with the ticker ANTU, would seek twice the daily performance of Anthropic shares. The ProShares UltraShort Anthropic ETF, ticker ANTY, would aim for twice the inverse of those daily moves. Neither product has launched, and both require Anthropic to complete its public listing before they can begin trading.

ProShares joins other issuers preparing similar products. Direxion has announced its own 2x bullish and bearish Anthropic funds, while Leverage Shares and GraniteShares have also filed related offerings. These single-stock leveraged vehicles reset daily, so longer-term holders can see results that diverge sharply from simply doubling the stock’s cumulative move.

Valuation Scrutiny Intensifies

Investor discussions have centered on a valuation near $1.5 trillion for the offering, a level that has drawn skepticism after a broader selloff in technology and artificial intelligence shares. Prospective buyers have talked about ranges of $1.2 trillion to $1.3 trillion, with some considering figures as low as $1.1 trillion. One large investor suggested a valuation closer to $1 trillion may prove more realistic.

Anthropic’s most recent private funding round in May valued the company at roughly $965 billion. Earlier expectations had pointed toward $1.5 trillion to $1.6 trillion before the recent market pressure. The company has not set a price range or share count for the offering.

Anthropic filed an amended registration statement on November 2 and has stated its intention to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. It has not announced a roadshow start date or listing date. Four people familiar with investor talks questioned whether the company could begin marketing the week of November 9 and still complete a November debut. Anthropic has not declared any postponement.

Heavy Computing Commitments and Recent Results

The registration statement showed third-quarter revenue of approximately $17 billion. Operating results swung from $974 million in operating income in the second quarter to a $567 million operating loss in the third quarter.

The filing listed $895.4 billion in aggregate committed spending under purchase commitments and lease agreements as of and after September 30, with substantially all of that amount tied to computing and infrastructure. About $69.8 billion of the total is due within the following 12 months, and $213.8 billion remains subject to termination rights or pre-commencement conditions.

ParaFi Capital partner Jeff Park said the scale of those obligations creates a mismatch with the company’s financing structure. He argued that an IPO that fails to produce a meaningful increase in value could place Anthropic in a difficult position because the firm depends on equity support to maintain credit for its large computing contracts. Park described a potential downward spiral in that scenario and said an eventual acquisition after any failure might represent the most favorable outcome. He also noted that the U.S. government or sovereign funds from the United Arab Emirates and Saudi Arabia could step in to stabilize confidence if needed.

Product Timing Tied to Listing

ProShares’ registration statements for ANTU and ANTY are not yet effective, so the funds cannot be sold until regulators clear them and Anthropic shares begin trading publicly. The same contingency applies to the competing products from other issuers.

The preparations illustrate strong demand for tools that let investors take concentrated, amplified positions on major artificial intelligence companies even as questions persist about the valuations and near-term execution of their public offerings.