Coinbase has launched pre-IPO perpetual futures linked to OpenAI and Anthropic, giving eligible traders a way to speculate on the potential valuations of the two artificial intelligence companies before they enter public markets.
The new products follow Coinbase’s introduction of SpaceX pre-IPO perpetual futures earlier in June and highlight the growing competition between major cryptocurrency exchanges.
Coinbase Opens OpenAI and Anthropic Futures Trading
Coinbase announced that its OPENAI-PERP and ANTHROPIC-PERP markets would begin trading on or after 11:00 a.m. UTC on June 22, 2026.
The exchange later confirmed that both contracts had entered full trading mode. Traders can now use limit, market, stop and stop-limit orders when participating in the new markets.
These perpetual futures allow users to speculate on the possible future valuations of OpenAI and Anthropic. However, the contracts do not represent ownership of private company shares.
New Products Follow SpaceX Futures Launch
Coinbase introduced its SpaceX pre-IPO perpetual futures contract on June 4. The product attracted attention from traders seeking exposure to the company before its public market debut.
Following that launch, interest in other major private technology companies increased. OpenAI and Anthropic are widely viewed as potential future IPO candidates because of their prominent positions in the artificial intelligence industry.
Neither company has publicly confirmed a final listing date. However, speculation surrounding potential OpenAI and Anthropic IPOs has continued to grow.
Reports indicated that Anthropic confidentially filed for an initial public offering earlier in June, with OpenAI reportedly following through with its own filing.
Pre-IPO Futures Market Continues to Expand
The launch reflects Coinbase’s broader effort to expand its pre-IPO perpetual futures business.
During its June 16 System Update event, the exchange indicated that additional products could be introduced as it develops this segment of its derivatives platform.
Pre-IPO futures have become increasingly popular because they allow traders to speculate on private company valuations before traditional shares become available on public stock exchanges.
However, these contracts can carry considerable risk because their prices depend on market expectations rather than publicly traded shares.
Coinbase Faces Growing Competition From Binance
Competition in the pre-IPO derivatives market has intensified between Coinbase and Binance.
Binance introduced its SpaceX-linked futures product several days before Coinbase launched its own contract. The exchange also moved ahead of Coinbase when introducing similar perpetual futures linked to OpenAI and Anthropic.
The expanding range of products suggests that major crypto exchanges are attempting to capture growing demand for exposure to high-profile private technology companies.
Coinbase’s latest launch gives traders access to two of the most closely watched artificial intelligence companies while strengthening the exchange’s position in the emerging pre-IPO futures market.
