Coinbase Launches Pre-IPO Perpetual Futures For Anthropic And OpenAI

Coinbase Expands Pre-IPO Futures to AI Giants

@Coinbase has activated full-trading mode for ANTHROPIC-PERP and OPENAI-PERP on its International Exchange, with both markets going live at 11:00 am UTC on June 22, 2026. The move extends the exchange's pre-IPO perpetual futures programme, which launched in early June with SpaceX as its first listing, into what are arguably the two most closely watched private companies in artificial intelligence.

Global traders now have access to limit, market, stop, and stop-limit orders on both contracts, allowing them to speculate on the private valuations of Anthropic and OpenAI before either company makes its formal public debut. The contracts are USDC-settled perpetual futures that reference each company's total equity valuation rather than an estimated pre-IPO share price. P&L is fully cash-settled in USDC, and the contracts do not convey any ownership, voting rights, or entitlement to receive or deliver actual shares in the underlying company.

Pre-IPO perpetual futures contracts give traders the ability to speculate on the value of a private company without owning shares. Pre-IPO price exposure has historically been hard to access for most traders globally, and Coinbase is positioning itself as a regulated, trusted platform to change that.

A Fast-Growing Market With High Demand for AI Names

The timing reflects surging appetite for AI-linked pre-IPO exposure. Total pre-IPO futures volumes reached $12 billion in June 2026, a roughly 6,000-fold increase from the $2 million seen in March, according to CryptoQuant data. Anthropic and OpenAI have drawn significant buy-side pressure following the SpaceX IPO, which generated $3.2 billion in perpetual futures volumes and $390 million in open interest between May 17 and June 11.

OpenAI disclosed in early June that it had made a confidential filing with the SEC for an IPO, while noting there was no set timing for when the company would go public. Anthropic's IPO filing indicated its timeline depends on the pace of SEC review, a difference in wording that suggests Anthropic may list before OpenAI.

Coinbase has cautioned that pre-IPO perpetual futures carry elevated risks compared to standard contracts, including a valuation-based index pricing mechanism, IPO conversion risk, lower liquidity, higher volatility, and increased liquidation risk. The product runs through Coinbase Bermuda Ltd., a Class F entity licensed by the Bermuda Monetary Authority, and is available only to eligible users outside the United States.

Coinbase has said it is building a pipeline of pre-IPO perpetual futures across technology, AI, energy, space, and beyond. The addition of Anthropic and OpenAI marks a significant step in that strategy, placing Coinbase in direct competition with Binance, which currently accounts for 83% of the $12 billion in pre-IPO perpetual volumes recorded in June.

Sources:
Coinbase Blog: Pre-IPOs Are Launching on Coinbase, Starting with SpaceX
Coinbase Help: What Are Pre-IPO Perpetual Futures
CoinGape: Anthropic vs OpenAI Pre-IPO Perpetual Volumes