TL;DR:
- Coinbase enabled the OPENAI-PERP and ANTHROPIC-PERP contracts on June 22, 2026, starting at 11:00 UTC for eligible users outside the United States.
- Anthropic recorded an increase in its annualized revenue run rate, growing from $4 billion last year to $47 billion in May 2026.
- The combined private valuation of both artificial intelligence companies stands at $1.817 trillion, according to data from their latest funding rounds.
The launch of Coinbase’s Pre-IPO perpetual contracts for OpenAI and Anthropic is now official. This initiative aims to offer international customers a financial mechanism to gain exposure linked to the value of the two largest private artificial intelligence firms in the market before their respective initial public offerings.
Two of the biggest upcoming IPOs:
OpenAI and Anthropic.
Get exposure to both now on Coinbase, with pre-IPO perps.
Start trading before they go public. pic.twitter.com/YCUNy9YsUT
— Coinbase 🛡️ (@coinbase) June 22, 2026
Coinbase CEO Brian Armstrong indicated that the addition of these financial products addresses the entry barriers retail investors face when trying to access high-profile private companies before their debut in public markets. The financial instruments listed under the ANTHROPIC-PERP and OPENAI-PERP tickers allow users to speculate on anticipated secondary market valuations. Trading formally commenced after 11:00 UTC on June 22, 2026, and the platform later confirmed that both markets transitioned to full-trading mode, supporting limit, market, stop, and stop-limit orders.
Synthetic derivatives expansion and sector competition
The rollout of these tools follows the strategic line drawn by Coinbase after the launch of SpaceX pre-IPO perpetual futures this past June 4, 2026. Various exchange platforms are currently competing to capture the transaction volume associated with technology corporations ahead of their initial public offerings.
Coinbase’s technical documentation clarifies that pre-IPO perpetual contracts do not confer direct ownership of private company shares. Instead, the product design exclusively allows for speculation on USDC-settled contracts that reference a valuation index. This alternative emerges in a scenario where OpenAI and Anthropic remain under a private structure, preventing the direct purchase of their equity unless accessed through specialized private market funds or employee stock sales.
The competitive environment in this synthetic derivatives segment has intensified notably. Binance also entered the same market niche, having introduced products linked to SpaceX ahead of Coinbase, and subsequently adding contracts referenced to OpenAI and Anthropic.
IPO plans and financial metrics under the microscope
The public listing plans of both artificial intelligence companies are concentrating the interest of international traders. Available reports indicate that Anthropic confidentially submitted a draft Form S-1 to the U.S. Securities and Exchange Commission (SEC) this past June 1, 2026. According to financial analyst projections and prediction markets, the firm behind the Claude model is anticipated to target a formal debut in public markets during the second half of 2026, placing the estimated time window between October and December.
On the financial front, commercial documentation notes that Anthropic closed a $65 billion Series H funding round, which raised its post-money valuation to $965 billion. Published financial data suggests that its revenue growth has been driven by corporate demand for software solutions such as Claude Code. For its part, OpenAI also filed a confidential IPO request on June 8, 2026. Analyst estimates suggest that the organization is aiming for its stock market debut by the fourth quarter of 2026 or the early months of 2027.
The last reported private valuation for OpenAI was set at $852 billion following a capital round completed in March 2026. However, Anthropic’s regulatory path has experienced certain recent structural complications. The United States government issued an order to temporarily suspend access to its Fable 5 and Mythos 5 models, based on national security concerns regarding jailbreak risks in the AI systems.
