Coinbase will offer pre-IPO perpetual futures contracts for AI companies Anthropic and OpenAI. The new products, ANTHROPIC-PERP and OPENAI-PERP, began trading on or after 11:00 AM UTC on June 22, 2026. This allows eligible non-U.S. traders to speculate on the firms' potential valuations before their public offerings.
This launch follows a successful SpaceX offering earlier in the month. It aligns with Coinbase's strategy to become an "everything exchange" by expanding beyond cryptocurrency trading.
The derivatives settle in USDC. They do not grant ownership or voting rights in the underlying companies. Upon an eventual IPO, these contracts convert into standard stock futures.