Gain exposure to Anthropic and OpenAI before the IPO

Published Jul 23, 2026

OpenAI and Anthropic are the two biggest IPOs on the horizon, and neither trades publicly. This report maps the onchain markets that already price them. Spot tokens on Solana claim shares through an SPV. Perpetual futures on Lighter quote each company's valuation without claiming the shares. Polymarket and Kalshi price the expected timing and valuation of the IPOs. The report explains what exposure each contract provides. The report then follows trading after May 13, when both companies rejected unauthorized share transfers. Spot tokens depended on recognition of those transfers. Perpetuals and prediction markets did not. The data shows how spot-token prices and volume responded, which products gained activity, and where trading settled. It next tests whether thin onchain markets can provide useful valuation signals. The OpenAI and Anthropic perpetual markets are compared with the terms of their next funding rounds. Those prices formed on volumes near $100,000 a day but anticipated terms that became public later.