Coinbase Doubles Down on Pre-IPO Perps, Adds OpenAI and Anthropic to the Menu

Coinbase has launched perpetual futures contracts tied to artificial intelligence companies OpenAI and Anthropic, expanding its pre-IPO derivatives lineup weeks after debuting a similar SpaceX product. The exchange announced on June 22, 2026, that ANTHROPIC-PERP and OPENAI-PERP markets would open on or after 11:00 a.m. UTC, with trading subsequently confirmed live in a follow-up post stating, "Our ANTHROPIC-PERP and OPENAI-PERP pre-IPO markets are now in full-trading mode on Coinbase. Limit, market, stop, and stop limit orders are all now available."

The launch builds on Coinbase's June 4 introduction of SpaceX pre-IPO perpetual futures, which the company said debuted earlier this month. By adding OpenAI and Anthropic, the exchange is extending trader access to contract-based exposure on the private valuations of two of the most closely watched AI companies before any public listing.

Binance has also rolled out pre-IPO perpetual products referencing OpenAI and Anthropic, putting both major derivatives venues into direct competition on the same underlying reference names. Coinbase framed the new contracts in its announcement with the line, "Two of the biggest upcoming IPOs: OpenAI and Anthropic. Get exposure to both now on Coinbase, with pre-IPO perps."

The products are perpetual futures, a derivative structure that allows traders to take long or short positions without a scheduled expiry, and are settled against the implied valuation of the pre-IPO company rather than a public equity price. Coinbase disclosed the listing schedule and supported order types in its official posts but did not specify leverage tiers, funding rates, or contract sizes in the announcements cited.

Pre-IPO perpetual futures have drawn heightened industry attention since the SpaceX contract launch earlier this month, with exchanges positioning the instruments as a way for traders to express views on the eventual public valuations of private technology companies. The Anthropic and OpenAI rollouts continue that trajectory, with both AI firms widely regarded as leading candidates for future public market debuts.