OpenAI and Anthropic Pre-IPO Trading: Coinbase Launches Exposure to 2 AI Giants Still Private
Coinbase Promotes New Access to OpenAI and Anthropic Valuations 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 Exchanges 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 exchanges existing perpetual futures infrastructure, including margin requirements, funding mechanisms, and risk controls. Valuation-Based Contracts Transition Into Equity-Linked Perpetual Futures Coinbases pre-IPO perpetual futures use company-wide valuation metrics instead of hypothetical share prices, reflecting the lack of finalized capital structures before