Coinbase International Exchange launched perpetual futures contracts on Anthropic and OpenAI on June 22, 2026 at 11:00 UTC, adding two of the largest private AI companies to a pre-IPO trading format it debuted with SpaceX eighteen days earlier. The ANTHROPIC-PERP and OPENAI-PERP contracts are USDC-settled, carry no expiry, and trade around the clock with a maximum of 5x leverage and a $200,000 notional cap per position. They are available only to eligible users outside the United States. Holders receive no equity or voting rights; the contracts offer price exposure tied to each company's private valuation index.
Anthropic last raised at a post-money valuation of $965 billion, closing a $65 billion Series H. OpenAI's most recent private valuation stands at $852 billion, set in a capital round completed in March 2026. Together the two contracts reference roughly $1.8 trillion in implied private-market value.
Both companies have taken formal steps toward public listings. Anthropic submitted a confidential draft Form S-1 to the SEC on June 1, 2026, targeting a public debut between October and December. OpenAI has filed its own confidential S-1. In neither case has a share count, price range, ticker, or exchange been set.
The launch follows a template Coinbase established with SpaceX. The SPCX-PERP opened June 4; SpaceX listed on Nasdaq at $135 per share on June 12. In the days before listing, the SpaceX pre-IPO perp on Hyperliquid was pricing the company at around $162 per share, roughly 20% above the final IPO price, one data point on one platform. When SpaceX went public, Coinbase converted SPCX-PERP into a standard stock perpetual future, rebasing positions from a valuation index to per-share pricing in a procedure designed to be PnL-neutral. The same mechanic applies to ANTHROPIC-PERP and OPENAI-PERP once either company completes an IPO.
The category has moved fast. Aggregate pre-IPO perpetual futures volume across exchanges reached $12 billion in June 2026, up approximately 6,000 times from around $2 million in March, driven primarily by SpaceX, OpenAI, and Quantinuum contracts. Binance holds an 83% share of that volume.
