GraniteShares has filed for ANS, a 2x inverse ETF (exchange-traded fund) that would seek to deliver -200% of Anthropic's daily stock performance once the Claude maker goes public and the fund's registration takes effect. The issuer also filed AIL, a matching 2x long ETF, but neither fund is trading. Anthropic's latest IPO disclosures show nearly $4.6 billion in 2025 revenue, about $42 billion in net losses and more than $8 billion in underlying operating losses. About $34 billion of the loss came from an accounting charge tied to the rising estimated value of financing instruments that could convert into shares. Anthropic spent approximately $7.33 billion on computing and infrastructure in 2025 and listed about $518 billion in future cloud, computing and infrastructure obligations. The company was valued at $965 billion after its $65 billion May Series H financing, while its prospective IPO could value it above $2 trillion. Its annualized revenue run rate reportedly exceeded $65 billion by the end of July, more than seven times the end-2025 level. ANS would reset daily through swaps, options and potentially Anthropic stock, meaning compounding could cause its longer-term returns to differ substantially from -200% of Anthropic's cumulative performance. The proposed fund is therefore structured as a daily trading vehicle for IPO volatility rather than a straightforward long-term bearish position, with customer concentration and limited long-term contracts adding to the investment debate.