Coinbase Launches Anthropic and OpenAI Pre-IPO Perpetual Futures
Alina Collins
Coinbase will list pre-IPO perpetual futures on Anthropic and OpenAI, extending its crypto-derivatives reach from SpaceX into the two biggest AI companies — with neither firm on a clear IPO timeline, whether these contracts can credibly anchor private-market valuations is the central test.
What exactly is this product?
Trading opens at or after 11:00 AM ET (UTC) on June 22.
Pre-IPO perpetual futures — derivatives that let traders bet on a private company's future share price — have no direct link to the underlying company's equity. Pricing is pegged to the firm's most recently disclosed pre-IPO valuation.
In plain terms = you are not buying Anthropic or OpenAI shares; you are trading a contract that asks "what is the company worth?", anchored to its latest funding-round price tag.
Why Anthropic and OpenAI?
These are the third and fourth such products after Coinbase launched SpaceX pre-IPO perpetual futures earlier this month.
This means → the crypto-derivatives market is systematically turning top private tech companies' valuation swings into tradeable instruments, expanding from rockets to AI.
Neither company has a clear IPO timeline, which is precisely what gives these contracts a reason to exist — because you cannot buy the stock, there is demand to trade the contract.
How did the market react?
On the day of the announcement, Coinbase (COIN) shares rose 3.27% intraday to $168.60.
Coinbase Markets confirmed the plan in a post on X.
This reflects market endorsement of Coinbase's pivot toward becoming an alternative-asset derivatives platform — at least in the short term, the stock gave a positive signal.
Where is the core risk?
These contracts are priced off the latest pre-IPO valuation round, and private-market valuations update far less frequently than public markets.
This means → contract prices could diverge from a company's "real" value for extended periods; the thinner the liquidity, the wider the gap.
Put simply = if not enough participants trade, the price signal becomes unreliable — liquidity and credibility are the make-or-break test for this product category.
Content is for reference only, not financial advice.