OpenAI and Anthropic IPO plans drive Coinbase pre‑IPO futures launch

AI start‑ups Anthropic and OpenAI have each filed confidential S‑1 registrations in June, signaling upcoming public listings. Anthropic filed on June 1 with a post‑money valuation of about $965 billion and is expected to go public in the second half of 2026. OpenAI filed on June 8, targeting an IPO as early as the fourth quarter of 2026 and was last valued privately at $852 billion. Both companies are central to the growing artificial‑intelligence market.

Coinbase has responded by introducing pre‑IPO perpetual futures for Anthropic and OpenAI, allowing eligible non‑U.S. traders to speculate on the firms’ valuation before any shares are listed. The contracts began trading on June 22 2026, settle in USDC, and carry a 5× leverage cap. They track a valuation‑based index rather than actual share prices and can be converted to standard stock perpetual futures if and when the IPOs occur.

The developments have sparked related financial activity: a KraneShares AI ETF already holds a small stake in Anthropic, and financial planners are advising employees of both firms on how to manage the substantial equity wealth they will receive after the IPOs.