OpenAI and Anthropic Pre-IPO Trading: Coinbase Launches Exposure to 2 AI Giants Still Private
Coinbase has launched pre-IPO perpetual futures (perps) tied to OpenAI and Anthropic, offering eligible non-U.S. customers a way to trade exposure to two prominent private AI companies. The contracts are settled in USDC and use company-wide valuation metrics instead of hypothetical share prices, as private firms often revise capitalization before listing.
CEO Brian Armstrong highlighted the challenge retail investors face in accessing pre-IPO companies, stating on X that “regular people can’t get exposure” to OpenAI and Anthropic. The contracts allow long or short positions on Coinbase International Exchange, with margin and funding mechanisms standard to perpetual futures.
As companies approach IPOs, the contracts undergo a structured conversion. Once share counts are disclosed, they rebase to per-share pricing and later link to live equity data from providers like Pyth, ensuring continuity without requiring position closure. Coinbase previously demonstrated this model with its SpaceX SPCX-PERP contract.
Trading is continuous, with no expiry, and participants gain valuation exposure without equity or voting rights. The launch aligns with Coinbase’s vision of an “everything exchange,” expanding beyond crypto into traditional asset exposure.