Binance launches OpenAI pre-IPO futures after strong response to SpaceX-linked contract

Binance, a global cryptocurrency exchange, has expanded its newly launched pre-IPO perpetual futures category with the listing of contracts tied to OpenAI, OPENAIUSDT Pre-IPO Perpetual, on Binance Futures. The move follows strong early traction for the product segment after the debut of its SpaceX-linked contract.

The crypto exchange said the new contract is based on the anticipated public market valuation of OpenAI and is aimed at giving eligible users exposure to market expectations around the AI company ahead of a potential public listing. OpenAI, the company behind the ChatGPT chatbot, is reportedly preparing to confidentially file for an IPO in the coming weeks.

The pre-IPO perpetual contracts on Binance Futures are designed to give users early market exposure to high-profile private companies ahead of their public listings. The new product enables users to take positions on shares before they begin trading on public exchanges, opening access to one of the most closely watched moments in global markets.

The potential offerings come at a time when the artificial intelligence and space technology sectors are witnessing rapid growth and heightened investor interest. Competition in the AI space has intensified with players such as Anthropic and xAI gaining traction, further boosting the appeal of AI-linked investment opportunities.

OpenAI, last valued at around $852 billion in March, is reportedly looking to raise nearly $60 billion through an IPO at a valuation exceeding $1 trillion.

Meanwhile, SpaceX is reportedly targeting an IPO size of $75 billion to $80 billion in fresh capital, which could nearly triple the current global IPO record held by Saudi Aramco, which raised $29.4 billion in 2019.

Started perpetual futures with SpaceX

The latest launch comes days after Binance introduced its first pre-IPO perpetual contract tied to SpaceX, the space technology company owned by billionaire entrepreneur Elon Musk, on May 21. The contract was linked to a reported valuation of nearly $2 trillion.

According to the company, the newly introduced product category generated more than $280 million in cumulative trading volume within the first five days of launch, indicating strong investor interest in crypto-native access to private market narratives.

Binance said the pre-IPO perpetuals are designed to broaden access to valuation-based trading opportunities that have historically been limited to institutional and private market participants. “As global attention around artificial intelligence continues to accelerate, the listing of OPENAIUSDT Pre-IPO Perpetual gives users a new way to participate in market expectations around one of the most closely followed names in private markets,” the company said in a statement.

Shunyet Jan, Head of Spot and Derivatives Business at Binance, said the early response validates demand for crypto-native products linked to major market themes.

“The momentum we saw in the first days of this category launch is a strong signal that users are looking for new ways to access major market narratives through crypto-native products,” Jan said.

“Reaching more than $280 million in cumulative trading volume within five days of our first listing gives us confidence in both the appeal of Pre-IPO perpetuals and our broader strategy to evolve Binance into a financial super app,” he added.

Binance said the contracts are expected to reflect publicly available pricing signals ahead of an IPO, including announced price ranges and final offering prices. Once the underlying company begins trading publicly, the contracts may transition to reflect live market performance.

The exchange added that if an IPO is delayed or cancelled, it will provide advance notice regarding any delisting and settle the contracts through a defined process aimed at ensuring transparency and consistency for users.

The OPENAIUSDT Pre-IPO perpetual contract will be margined and settled in Tether (USDT), with additional details on leverage, funding rates, and tick sizes available on Binance Futures. Created in 2014, USDT is the world's largest stablecoin, a cryptocurrency designed to maintain a 1-to-1 value with the U.S. dollar.

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