Coinbase International Exchange has launched perpetual futures contracts for OpenAI and Anthropic, providing synthetic exposure to the private companies’ valuations ahead of their anticipated IPOs. The “pre-IPO perps” are available to eligible non-U.S. traders and settle in USDC, trading 24/7. Coinbase has capped leverage at 5x due to the fast-moving risks inherent in private market valuations.
Coinbase has introduced pre-IPO perpetual futures contracts for OpenAI and Anthropic on its global platform. The products offer synthetic valuation exposure to the private companies and are limited to eligible non-U.S. users.
CEO Brian Armstrong stated that ordinary investors often lack access to large private companies. He highlighted OpenAI and Anthropic as two particularly promising companies poised for IPO.
The contracts track market views of each company’s overall valuation, not shares or ownership rights. According to Coinbase, this design solves issues with unclear share-count data in private firms.
Contracts are settled fully in USDC and trade 24/7 on Coinbase’s perpetual futures infrastructure. If an IPO occurs, the product can convert to track the public share price through a “P&L-neutral rebase.”
Coinbase cautioned that private-company valuations can change very rapidly. The exchange has limited leverage for the contracts to 5x and implemented smaller position limits.
Traders do not receive dividends, claims on assets, or ownership through these contracts. The launch represents Coinbase’s continued push to bridge digital asset infrastructure with broader financial markets.
