Kraken has launched a new product that lets eligible traders gain synthetic exposure to two of the most prominent private artificial intelligence companies: OpenAI and Anthropic. Through pre-IPO perpetual futures contracts, investors can take long or short positions before either company goes public. These derivatives offer up to 5x leverage, presenting new opportunities and significant risks tied to the private nature of these firms.
This move marks a notable expansion beyond traditional crypto assets, shifting toward derivatives linked to private markets. OpenAI and Anthropic, typically accessible only to insiders, venture capitalists, and institutional players, now enter the reach of a broader set of traders via Kraken’s platform. This allows market participants to engage with one of the most sought-after themes in global investment—artificial intelligence—without direct equity ownership.
However, these contracts differ fundamentally from typical crypto perpetual futures, such as those tracking Bitcoin or Ethereum. Public crypto assets trade continuously with transparent market prices, providing reliable data for exchanges to manage pricing and risk through funding rates and liquidations. By contrast, private companies like OpenAI and Anthropic lack such continuous valuation benchmarks. Their prices depend on infrequent funding rounds, secondary market trades, internal accounting, and uncertain IPO timelines.
This valuation opacity complicates risk management. Changes in IPO schedules, sudden shifts in private market valuations, or drops in trader demand can cause price swings that diverge from what is seen in liquid crypto markets. Since Kraken’s pre-IPO futures include the potential for 5x leverage, the financial exposure and liquidation risk are substantially amplified compared to conventional crypto derivatives. Traders must carefully consider these differences to avoid underestimating the unique nature of these products.
The introduction of pre-IPO perpetual futures illustrates the evolving role of crypto exchanges. No longer limited to digital assets, platforms like Kraken are broadening their offerings to include derivatives connected to private companies and real-world events. This evolution reflects growing investor interest in alternative ways to gain market exposure in sectors traditionally constrained by access limitations.