OpenAI and Anthropic Pre-IPO Perpetuals Go Live on Coinbase Markets as Tom Lee Warns of AI IPO Market Shock

The debut comes as Fundstrat’s Tom Lee cautions that a wave of major AI-related public offerings could create significant market turbulence later in 2026.

The development highlights growing interest in bridging traditional equity markets and digital asset trading, while also drawing attention to the potential impact that high-profile AI IPOs could have on broader financial markets.

Coinbase Markets Launches OpenAI and Anthropic Pre-IPO Perpetual Futures

Coinbase Markets officially activated full trading for OPENAI-PERP and ANTHROPIC-PERP on June 22 through Coinbase Bermuda Ltd., allowing eligible non-U.S. users to speculate on the estimated valuations of OpenAI and Anthropic before either company becomes publicly traded.

Coinbase Markets has launched pre-IPO perpetual futures for OpenAI and Anthropic, allowing eligible non-U.S. traders to gain exposure to the companies’ valuations through Coinbase Bermuda. Source: Coinbase Markets via X

Unlike traditional stock investments, the new contracts do not represent ownership of shares. Instead, they track valuation-based indexes derived from private market data. The products are settled in USDC and support 24/7 trading, offering access to limit, market, stop, and stop-limit orders.

The launch extends Coinbase’s growing pre-IPO perpetual futures business, which previously introduced similar products linked to private companies such as SpaceX. The exchange said the contracts are designed to provide market participants with exposure to private-company valuations through crypto-native trading infrastructure.

However, Coinbase also emphasized that these instruments carry additional risks. Because the contracts are tied to estimated valuations rather than publicly traded shares, pricing may be more volatile, and liquidity may be lower than in established markets. The company further noted that neither OpenAI nor Anthropic is affiliated with, endorses, or sponsors the products.

Growing Demand for AI Exposure

The introduction of OpenAI and Anthropic perpetuals reflects increasing investor interest in the artificial intelligence sector, which has become one of the dominant themes across financial markets.

BSCNews reports that Coinbase launched full trading for ANTHROPIC-PERP and OPENAI-PERP pre-IPO perpetual futures at 11:00 UTC on June 22, 2026. Source: @BSCNews via X

Both companies have emerged as major players in the AI race. OpenAI is widely known for developing ChatGPT and other generative AI technologies, while Anthropic has gained attention through its Claude family of AI models and its growing enterprise presence.

As private valuations for leading AI firms have surged, demand has grown for alternative ways to gain exposure before potential stock market debuts. Synthetic contracts such as perpetual futures allow traders to speculate on valuation changes without waiting for a formal IPO.

The move also underscores a broader trend within the crypto industry, where exchanges are increasingly offering products tied to private technology companies, creating new intersections between digital assets and traditional finance.

Tom Lee Warns of Potential AI IPO Market Shock

While Coinbase’s new products provide traders with access to AI-related market activity, some analysts are focused on what future IPOs could mean for broader financial markets.

During a recent CNBC appearance, Fundstrat Head of Research Tom Lee outlined a three-phase outlook for 2026. According to Lee, equity markets could continue advancing through late summer, supported by AI-driven growth and technology leadership. He suggested the S&P 500 could climb toward the 7,700 to 7,800 range before facing a more challenging period.

Fundstrat’s Tom Lee warned that 2026 could feel like a bear market as lockup expirations and potential IPO-related selling from SpaceX, Anthropic, and OpenAI add trillions of dollars in new equity supply. Source: Vivek Sen via X

Lee warned that a sharp correction could emerge during September and October as a result of several converging factors, including energy-related risks, Federal Reserve uncertainty, and a large influx of new equity supply from anticipated IPOs.

“It’s going to feel like a bear market,” Lee said while discussing the possibility of increased selling pressure linked to major public listings and subsequent lockup expirations.

According to Lee, upcoming offerings from OpenAI, Anthropic, SpaceX, and other large private companies could introduce trillions of dollars in additional equity value to public markets, potentially creating temporary dislocations as investors reallocate capital.

IPO Activity Could Reshape Market Dynamics

Reports indicate that Anthropic confidentially filed for an initial public offering on June 1, followed by OpenAI on June 8. Both companies are widely expected to pursue potential listings later in 2026, although timelines and final valuations remain subject to change.

Anthropic has reportedly been valued near $965 billion in private markets, while OpenAI continues to command one of the highest valuations among private technology firms. Should both companies move forward with public offerings, they would rank among the most significant technology IPOs in recent years.

Tom Lee outlined a 2026 outlook with an S&P 500 rally to 7,700–7,800 through summer, followed by a sharp Sep–Oct correction driven by Anthropic and OpenAI IPO supply. Source: Sam Badawi via X

Lee argued that the scale of these listings could temporarily pressure existing equities as investors shift capital into newly available opportunities. At the same time, he maintained a constructive long-term outlook, suggesting that productivity gains from artificial intelligence and continued economic expansion could support a recovery after any near-term disruption.

Market participants have responded to Lee’s forecast with mixed views. Some investors see the potential correction as a seasonal buying opportunity, while others remain skeptical, pointing to previous forecasts that did not unfold as expected.

For now, the launch of OpenAI and Anthropic pre-IPO perpetual futures offers traders a new way to engage with the AI sector ahead of potential public listings. Whether those anticipated IPOs become a catalyst for market volatility, as Lee predicts, remains one of the key questions investors will be watching throughout the second half of 2026.