Coinbase has launched pre-IPO perpetual futures for OpenAI and Anthropic, giving non-U.S. customers a way to trade exposure tied to two of the largest private artificial intelligence companies before any public listings take place.
Coinbase CEO Brian Armstrong said the exchange added the products because regular investors cannot access many high-profile private companies before they go public. The exchange listed ANTHROPIC-PERP and OPENAI-PERP, allowing eligible users outside the United States to trade contracts linked to expected pre-IPO valuations.
Coinbase said trading for both markets began on or after 11:00 a.m. UTC on June 22, 2026. The exchange later confirmed that both products had entered full-trading mode, with limit, market, stop and stop-limit orders available.
Coinbase Expands Pre-IPO Perpetual Futures
The launch follows Coinbase’s earlier rollout of SpaceX pre-IPO perpetual futures on June 4, as exchanges compete to offer trading products linked to major private companies before their public market debuts.
Pre-IPO perpetual futures do not provide direct ownership of private company shares. Instead, they allow traders to speculate on valuation-linked contracts before an initial public offering or public market listing occurs.
The products arrive as demand for artificial intelligence exposure continues to grow across public and private markets. OpenAI and Anthropic remain private, meaning most retail investors cannot buy their equity directly unless access is available through private-market funds, employee share sales or similar restricted channels.
Binance has also moved into the same market segment. The exchange launched SpaceX-linked pre-IPO products before Coinbase and later introduced contracts tied to OpenAI and Anthropic, increasing competition in synthetic private-market exposure.
OpenAI and Anthropic IPO Plans Draw Market Attention
As we reported, Anthropic confidentially submitted a draft Form S-1 with the U.S. Securities and Exchange Commission on June 1. The company behind Claude is expected by analysts and prediction markets to target a public debut in the second half of 2026, most likely between October and December.
Anthropic reportedly closed a $65 billion Series H funding round that valued the company at $965 billion post-money. The company’s annualized revenue run rate reportedly increased from $4 billion last year to $47 billion in May 2026, supported by enterprise demand for products such as Claude Code.
Concurrently, OpenAI also confidentially filed for a U.S. IPO on June 8. As we reported, the company is targeting a market debut as early as the fourth quarter of 2026, although some expectations point to late 2026 or early 2027.
OpenAI was last valued privately at $852 billion after a March 2026 funding round. Together, the known private valuations in the provided information place OpenAI and Anthropic at about $1.817 trillion, giving Coinbase’s new products exposure to companies at the center of the AI market.
However, unlike OpenAI's path, which it cleared after defeating Elon Musk in a lawsuit, Anthropic’s IPO path has faced reported risks. The U.S. government recently ordered the company to temporarily suspend access to its Fable 5 and Mythos 5 models over national security concerns linked to jailbreak risks.
