Key Takeaways:
Coinbase Global Inc. opened pre-IPO perpetual futures for OpenAI and Anthropic on June 22, extending its push into private-market derivatives after SpaceX contracts generated $3.2 billion in trading volume in their first four weeks.
"These products give retail traders exposure to the most closely watched private AI companies ahead of their expected IPOs," a Coinbase spokesperson said in a statement on X. The exchange listed ANTHROPIC-PERP and OPENAI-PERP with support for limit, market, stop and stop-limit orders.
The launch follows Coinbase's SpaceX perpetual futures debut earlier this month, which accumulated $390 million in open interest across eight exchanges between May 17 and June 10, according to data from Talos reported by Reuters. Binance, Coinbase's largest competitor, rolled out similar pre-IPO contracts for both AI firms ahead of Coinbase and saw its SpaceX contract surpass $280 million in trading volume within five days of its debut.
The expansion is part of Coinbase's broader "everything exchange" strategy, which now includes tokenized stocks backed one-for-one by real shares, equity and crypto options, an SEC-registered AI advisor, automated trading agents, and a USDC-backed credit card. The move reduces Coinbase's dependence on cyclical crypto trading volumes — a critical shift as COIN shares have fallen 26.1% year-to-date, underperforming the broader market.
Both OpenAI and Anthropic have confidentially filed for initial public offerings with the SEC. Anthropic submitted its Form S-1 on June 1 after raising $65 billion at a $965 billion valuation, while OpenAI filed shortly after at an $852 billion valuation, according to published reports. Prediction markets suggest Anthropic could go public this fall, while OpenAI's timeline remains uncertain.
Coinbase's pre-IPO perpetual futures do not represent direct ownership in the underlying companies. Instead, they track projected valuations based on secondary market trends and disclosed funding rounds — a structure common in crypto derivatives markets where contracts lack expiration dates.
Competitors are also expanding into crypto derivatives. Robinhood Markets Inc. is offering perpetual futures in Europe and micro futures for Bitcoin, Solana and XRP, while Interactive Brokers Group Inc. provides Bitcoin and Ether futures and options for institutional and retail traders seeking regulated exposure.
Of 34 analysts covering Coinbase, 21 rate the stock a buy or higher, 10 recommend hold and three rate sell, with an average 12-month price target of $229.74, according to Koyfin data.
This article is for informational purposes only and does not constitute investment advice.
