Coinbase Introduces Pre-IPO Futures for OpenAI and Anthropic

Crypto exchange Coinbase has launched pre-IPO perpetual futures contracts for OpenAI and Anthropic, allowing eligible international traders to speculate on company valuations before public listings.

The new contracts are available through Coinbase International Exchange and allow non-U.S. users to trade perpetual futures linked to the overall equity valuation of OpenAI and Anthropic.

Coinbase CEO Brian Armstrong said retail investors have historically lacked access to private tech giants, which often remain private for years before pursuing public listings.

The contracts do not provide ownership rights, voting power, or any claim to company shares. Instead, traders gain synthetic exposure to market expectations of each company's valuation.