US crypto exchange giant Crypto.com has launched a new range of “Pre-IPO Perpetual Contracts”, allowing eligible institutional clients to speculate on the valuations of some of the world’s most closely watched private companies, including OpenAI, SpaceX and Anthropic.
The new derivatives products, launched on the Crypto.com Exchange, are designed to give traders exposure to the price movements of private companies before they list on public markets. According to Crypto.com, the contracts are perpetual futures instruments tied to the valuations of the underlying businesses, meaning they have no expiry date and can be traded continuously provided margin requirements are met.
The launch reflects growing investor appetite for exposure to high-profile private technology companies, particularly in artificial intelligence and space technology, where retail investors have historically had limited access prior to an IPO.
Crypto.com said the contracts use institutional-grade valuation data feeds and can be traded using the same collateral infrastructure already used for cryptocurrency derivatives on the platform. The products are currently available via isolated margin trading to eligible institutional clients upon request.
Featured instruments include contracts tracking the valuations of OpenAI, which has become one of the most valuable AI companies globally following the success of ChatGPT, Anthropic, another major large language model developer backed by tech giants including Amazon, and SpaceX, Elon Musk’s private rocket and satellite internet company.
Crypto.com described the launch as an attempt to “level the playing field” by providing broader market access to assets that have traditionally been reserved for venture capital firms and accredited investors.
However, the company also warned that the products are synthetic derivatives and do not provide US investors with any ownership rights in the underlying businesses, including shares, voting rights or dividends. The exchange noted that valuations may differ significantly from future IPO prices and warned there is no guarantee the companies referenced will ever go public.
The move comes amid increasing convergence between traditional finance and crypto derivatives markets, with exchanges continuing to introduce tokenised and synthetic exposure products linked to equities, commodities and private market assets.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
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