Crypto exchange Coinbase (Nasdaq: COIN) has introduced pre-IPO perpetual futures (perps) tied to OpenAI and Anthropic, offering eligible non-U.S. customers a way to trade exposure to two of the most closely watched private artificial intelligence (AI) companies. The launch expands Coinbase International Exchange’s lineup of perpetual products into private-market valuation trading.

Coinbase CEO Brian Armstrong highlighted the challenges retail investors face when trying to access private companies before public listings. OpenAI and Anthropic remain privately held, limiting traditional investment opportunities for most market participants.

On June 22, Armstrong wrote on X:

“Two of the biggest, most hyped private companies are due to go public soon (OpenAI and Anthropic). But because they’re private, regular people can’t get exposure. We launched pre-IPO perps for both these companies on Coinbase (non-US customers).”

Platform access is restricted to eligible users outside the United States through Coinbase International Exchange. The contracts allow traders to take long or short positions while using the exchange’s existing perpetual futures infrastructure, including margin requirements, funding mechanisms, and risk controls.

Coinbase’s pre-IPO perpetual futures use company-wide valuation metrics instead of hypothetical share prices, reflecting the lack of finalized capital structures before listing. Private firms often revise share counts or adjust capitalization during IPO preparation, making early share-based pricing unreliable. Anchoring contracts to total equity valuation helps avoid distortions from incomplete disclosures.

Trading occurs continuously, with positions margined and settled in USDC. Participants gain exposure to valuation changes without acquiring equity or voting rights. The perpetual format removes expiry constraints, allowing positions to remain open while funding rates align contract prices with valuation benchmarks.

Coinbase explained:

“Pre-IPO perpetual futures allow users to trade USDC-settled perpetual futures contracts on private companies ahead of their IPO, referencing the company’s total equity valuation rather than an estimated pre-IPO share price.”

As companies approach listing, contracts undergo a structured conversion process that aligns them with public market pricing once key details become available.

The conversion process ensures continuity as companies move toward public markets. After share counts are disclosed, contracts adjust to per-share pricing and later link to live equity data, allowing a controlled transition without requiring traders to close positions.

Coinbase demonstrated this model with its SPCX-PERP contract tied to the IPO of Elon Musk’s SpaceX. After a June 3, 2026, S-1/A filing, the exchange executed a per-share rebase on June 11, converting the contract into a share-based format. It transitioned into a standard equity perpetual future on June 12, with pricing linked to live equity feeds from Pyth, a market data provider.

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