QUICK ANSWER
BingX now offers USDT-margined perpetual futures contracts on both OpenAI and Anthropic ahead of their anticipated 2026 IPOs. Contracts trade 24/7 — you can go long or short without owning any shares. Early reference prices were approximately $1,600 for OpenAI (implied valuation: $852B) and $1,800 for Anthropic (implied valuation: $380B). These are synthetic derivatives — no equity, no voting rights.
What BingX Is Actually Offering
BingX, the Panama City-based crypto exchange and official crypto partner of Scuderia Ferrari HP, has added OpenAI and Anthropic to its Pre-IPO Trading Zone on its futures platform. The zone previously launched SpaceX tokenized futures ($VNTL) in April 2026, which the exchange says attracted strong early trading volume.
The contracts are USDT-margined perpetuals, meaning you fund positions in Tether, can apply leverage (2x to 20x is typical on BingX TradFi products), and settle entirely in USDT. No shares change hands. You are speculating on whether the market-implied valuation of OpenAI or Anthropic rises or falls before and after their IPOs.
On May 19, 2026, BingX officially launched its OpenAI pre-IPO airdrop campaign — a 300,000 USDT prize pool running through May 28 — marking BingX as the first exchange to run an OpenAI pre-IPO airdrop event specifically. The Anthropic contract followed as part of the same Pre-IPO Zone expansion.
The Valuations These Contracts Are Priced Against
| Company |
Post-Money Valuation |
Funding Round |
Early Contract Price |
IPO Timeline |
| OpenAI |
$852B |
$122B raised (March 2026) |
~$1,600 USDT |
Q4 2026 (rumoured) |
| Anthropic |
$380B |
$30B raised (February 2026) |
~$1,800 USDT |
October 2026 (Bloomberg) |
OpenAI raised $122 billion in its March 2026 round at an $852 billion post-money valuation — making it the largest private funding round on record. Anthropic closed a $30 billion raise in February 2026 at a $380 billion post-money valuation. Bloomberg reported in March 2026 that Anthropic is targeting an October 2026 IPO. OpenAI is reportedly building out its finance team and aiming for Q4 2026.
The contract prices ($1,600 for OpenAI, $1,800 for Anthropic) represent per-share or per-unit implied values derived from secondary market activity, not directly from the post-money valuations above. They track market sentiment around what the IPO price and post-listing performance might look like.
Who Else Is Offering Pre-IPO AI Futures
BingX is not alone. This category has exploded in 2026 as retail demand for pre-IPO AI exposure has grown faster than traditional equity markets can accommodate it. Here is who is live or announced:
| Exchange |
Product Type |
Assets Available |
Margin |
Status |
| BingX |
Pre-IPO perpetuals + tokenized stock |
OpenAI, Anthropic, SpaceX |
USDT |
Live |
| Binance |
Pre-IPO perpetuals |
SpaceX (SPCXUSDT), more planned |
USDT |
Live (May 21 2026) |
| OKX |
Pre-IPO perpetuals |
OpenAI, SpaceX, Anthropic |
USDT |
Announced |
| HTX (Huobi) |
TradFi Zone perpetuals |
OpenAI, Anthropic, SpaceX + US stocks |
USDT |
Live (early May 2026) |
| Coinbase |
Equity perpetuals |
Magnificent 7 stocks (up to 10x leverage) |
USDC |
Live (March 2026) |
Binance launched its SpaceX pre-IPO perpetual (SPCXUSDT) on May 21, 2026, with leverage up to 5x and USDT settlement. The exchange said additional pre-IPO listings are planned. HTX expanded its TradFi Zone in early May to include OpenAI, Anthropic, and SpaceX alongside standard US stock perpetuals — it now has 59 million registered users and its April monthly futures volume approached $100 billion. OKX announced but has not yet given a launch date.
What You Are Actually Trading (And What You Are Not)
These contracts do NOT give you:
- Ownership of OpenAI or Anthropic equity
- Voting rights or shareholder privileges
- Dividends or distributions
- Priority in any IPO allocation
- Any claim on the company if it never goes public
These contracts DO give you:
- Synthetic price exposure — profits and losses based on contract price movement
- 24/7 trading access (no NYSE/Nasdaq hours)
- Ability to go short — bet the valuation falls
- Leverage (varies by exchange: 2x to 20x)
- USDT-denominated PnL with no FX conversion
The reference price is derived from secondary market data — private share transactions, OTC trades, and market maker inputs — not from any official OpenAI or Anthropic share issuance. If either company postpones or cancels its IPO, Binance's stated policy (and likely BingX's) is to announce delisting in advance and settle contracts through a transparent process or convert them to standard TradFi perpetuals.
Polymarket prediction markets currently put Anthropic's IPO ahead of OpenAI's at 69% probability, and an 88% chance Anthropic reaches a $1 trillion valuation by December 31, 2026. These figures feed directly into contract sentiment.
Why This Category Exists in 2026
Pre-IPO investing has historically been locked behind accredited investor status, venture capital networks, or expensive secondary market brokers like Forge Global. BingX's Pre-IPO Zone and equivalents on Binance, HTX, and OKX are built on the argument that synthetic derivatives democratize access — any retail trader with a USDT balance can now take a position on whether OpenAI's market cap grows or shrinks before the IPO opens.
The crypto exchange industry has been aggressively moving into traditional finance (TradFi) in 2026. Binance launched gold and silver perpetuals in January, then Tesla futures, then SpaceX. Coinbase rolled out Magnificent 7 stock perpetuals in March with up to 10x leverage settled in USDC. Phemex, BingX, Toobit, and WEEX all launched TradFi perpetual sections. The OpenAI and Anthropic contracts are simply the highest-profile assets in this trend so far.
Decision Framework — Should You Trade These?
If you are an AI industry analyst with a directional view on OpenAI vs Anthropic
These contracts let you express that view with capital efficiency. Going short Anthropic and long OpenAI (or vice versa) is a pairs trade that is impossible in traditional markets before both companies list.
If you want actual equity in OpenAI or Anthropic
These contracts are not the right product. Look at AngelList's USVC fund (minimum $500, gives real exposure to OpenAI, Anthropic, and xAI) or Robinhood Ventures ($75M OpenAI investment fund, accessible to retail). Forge Global also lists secondary market OpenAI and Anthropic shares for accredited investors.
If you are a casual trader attracted by the OpenAI/Anthropic brand names
Proceed with caution. IPO delays, cancelled listings, and valuation corrections are real risks. If either company postpones its IPO, contract prices can gap significantly. Use isolated margin and low leverage (2x or under) if you trade at all.
If you want the best exchange for these contracts specifically
BingX has both OpenAI and Anthropic live now, with the 300,000 USDT airdrop campaign running through May 28. HTX also has both live. Binance is starting with SpaceX only, with more coming. OKX has announced but not launched yet.
Frequently Asked Questions
Are BingX's OpenAI and Anthropic futures contracts regulated?
BingX is registered in Panama and operates under a crypto exchange licence. These contracts are crypto derivatives, not regulated securities products. They are not available to users in jurisdictions that restrict crypto derivatives, including the United States. Always check your local regulations before trading.
What happens to the contract if OpenAI or Anthropic never IPOs?
Exchanges typically publish a delisting and settlement policy in advance. Binance has stated it will give notice and settle through a transparent process or convert the contract to a standard TradFi perpetual once a stable mark price is available. BingX is expected to follow a similar approach, but check the specific contract terms on their platform before trading.
Is the contract price the same as the IPO price?
No. The contract reference price tracks secondary market sentiment, not an official IPO price range. OpenAI opened at around $1,600 and Anthropic at around $1,800 on BingX — these reflect where traders are pricing the implied per-share value based on secondary market data, not any disclosed IPO target.
When are OpenAI and Anthropic expected to IPO?
Bloomberg reported in March 2026 that Anthropic is targeting an IPO as early as October 2026. OpenAI is reportedly aiming for Q4 2026 and has been expanding its finance team with a chief accounting officer and corporate business finance officer. Neither company has filed with the SEC or published an official prospectus.
What is the BingX OpenAI airdrop and how do I qualify?
BingX launched a 300,000 USDT prize pool campaign on May 19, 2026, running through May 28 (UTC+8). Rewards are available to active traders, first-time users, and BingX VIP members who participate in trading events linked to the OpenAI pre-IPO contract. Check the BingX promotions page directly for current eligibility requirements.
How is Anthropic valued at $380B if OpenAI is valued at $852B, yet Anthropic's contract price is higher?
The contract unit price and the total company valuation are different things. The per-unit contract price reflects what the market implies per synthetic share, which depends on the assumed share count and the exchange's reference price methodology. Polymarket currently gives Anthropic a 69% chance of IPOing before OpenAI, which may be pushing sentiment — and therefore contract prices — higher for Anthropic relative to its total valuation. Counterpoint Research data showing Anthropic leading global LLM revenue share in Q1 2026 at 31.4% (vs OpenAI at 29%) also supports bullish Anthropic sentiment.