OpenAI and Anthropic on the Stock Market: Where to Buy Before the IPO?
Anthropic targets a mid-October roadshow on Nasdaq, according to Reuters, and OpenAI has postponed its listing to 2027 via Sam Altman. Neither stock is yet purchasable. In Europe, only one regulated channel currently allows you to take a position on their valuation: the pre-IPO X-Perps contracts launched by OKX on September 10. Here is what they allow, what they don’t, and how to access them from France.
In brief
- Anthropic: Confidential S-1 filed on June 1, prospectus draft obtained by Reuters on September 28, roadshow targeted mid-October at the earliest, valuation around 2 trillion dollars.
- OpenAI: Confidential S-1 filed on June 8, but “not 2026” according to Sam Altman (Fortune, September 12); Bloomberg reported on September 29 a raise of at least 30 billion at 1.4 trillion valuation.
- OKX has offered since September 10 X-Perps OPENAIUSD and ANTHROPICUSD, leverage up to 10x, reserved for EEA residents having passed a suitability test.
- These are derivatives: no shares delivered, rapid capital loss possible, and IPO can be delayed or cancelled.
Are OpenAI and Anthropic already public?
No, and their schedules have diverged. Anthropic is advancing: the company confirmed on June 1 a confidential S-1 filing, the registration document required by the SEC before any listing, as we wrote in Anthropic now targets mid-October for its stock market debut. On September 5, Reuters reported a roadshow shifted to mid-October at the earliest, on Nasdaq (Anthropic announcement June 1).
On September 28, Reuters then the Financial Times obtained the prospectus draft. According to these documents, unpublished on the SEC website as of October 1, Anthropic generated $4.6 billion in revenue in 2025, $11.5 billion in Q2 2026 alone, and plans $518 billion in infrastructure expenses (Euronews, September 29). The latest private valuation dates from the May 28 funding round: $65 billion raised at $965 billion valuation (Series H press release).
OpenAI, by contrast, slowed down. The company filed its own confidential S-1 on June 8 (Fortune, June 9), then Sam Altman decided on September 12 in Fortune: “I would say not 2026, yeah.” Its CFO Sarah Friar had told employees on August 19 that a listing would be “in 2027.” On September 29, Bloomberg reported OpenAI sought at least $30 billion at a pre-money valuation of $1.4 trillion, a financing bridge before a postponed IPO.
Can you buy OpenAI or Anthropic shares today?
Not directly. Shares of both companies trade only on private secondary markets reserved for qualified investors, with tickets at several hundred thousand dollars and issuer approval. French individuals do not have access.
After listing, a standard brokerage account with a broker providing access to Nasdaq will be needed. The PEA remains closed: it only accepts companies headquartered in the European Union or European Economic Area. And allocation at the introduction price is in practice reserved for institutional clients of syndicate banks; individuals usually buy at market price on opening.
Between the two, since September there is a third option, regulated by MiFID: pre-IPO derivative contracts. This principle already existed with SpaceX, as we saw when SpaceX derivatives topped $5.6 billion in 24 hours. OKX transposed it to OpenAI and Anthropic for European traders.
How do OKX pre-IPO X-Perps work?
An X-Perp is a perpetual contract, that is a derivative with no fixed maturity date, whose price follows a reference. Here, the reference is not a stock price, which does not exist yet, but the price formed by the OKX order book, possibly complemented by other platforms. The contract is cash-settled: you never receive shares, voting rights, or dividends (OKX help page).
| Item | What OKX provides (as of October 1, 2026) |
| Contracts | OPENAIUSD and ANTHROPICUSD, launched in Europe on September 10, 2026 |
| Direction | Long position (rising) or short (falling) on the implied valuation |
| Leverage | Up to 10x |
| Hours | 24/7 |
| Reference price | OKX order book, supplemented if needed by other platforms; may diverge significantly from private valuations and future IPO price |
| Financing fees | Possible; the “premium” component is set to zero due to lack of a listed underlying |
| On IPO day | OKX plans to convert the contract into a classic X-Perp linked to the listed stock |
| If the IPO is cancelled | Contract withdrawal announced “within a reasonable timeframe” and settlement at a final price fixed by OKX |
| Duration | Technical maturity of five years within the EEA framework |
| Eligibility | EEA residents, identity verification and MiFID II suitability test |
| Entity | OKX Europe Markets Ltd, authorized by the MFSA (Malta) under the Investment Services Act |
The most important point is in the third line of the table: the price of a pre-IPO X-Perp is a market opinion, not an official valuation. Euronews noted on September 29 that pre-IPO contracts implied for Anthropic about $2.36 trillion, versus $965 billion at the last private round. The gap can close in either direction on listing day.
How to open an OKX account and access pre-IPO markets?
The process involves five steps with a $100 bonus offered with our referral link for the IPO of your choice:
- Create an account via the Cointribune referral link, which attaches the welcome bonus.
- Complete identity verification, mandatory for all EEA residents.
- Answer the MiFID suitability questionnaire, which checks that you understand leveraged products. Without it, X-Perps remain closed.
- Deposit euros via SEPA transfer, or cryptocurrencies.
- Search for OPENAIUSD or ANTHROPICUSD in the X-Perps tab, choose leverage, and never commit more than you accept to lose.
OKX is running a launch campaign for new users in 33 European countries: X-Perps vouchers usable seven days on both pre-IPO contracts, and BTC rewards locked for thirty days. The amount depends on each user and displays in the app after registration; tasks (deposit, first orders) must be completed within thirty days (campaign terms and conditions).
A reminder known by experienced traders: a voucher allows opening a position without committing your own funds, but the offered margin is not withdrawable. Only any eventual profit is.
What are the risks, concretely?
The first is mechanical. With 10x leverage, a 10% drop in implied valuation suffices to liquidate a long position. OKX states bluntly: “Leverage can amplify gains and losses and may cause rapid liquidation. Capital is at risk.”
The second is specific to IPOs. A schedule slips: Anthropic targeted late September, then mid-October; OpenAI aimed at 2026, then 2027. Anthropic’s own prospectus, per Reuters, devotes nearly a third of its pages to risk factors, even mentioning “existential risks to humanity” related to AI. A company that writes this to its future shareholders does not promise a linear trajectory.
Anthropic has not yet published its prospectus on the SEC website, and it is this publication, not leaks, that will really start the countdown. If it happens in the coming days, the mid-October window is on; otherwise, it will slip into November, a few days before the US midterm elections.
Until then, OKX’s X-Perps will remain the only European barometer of what the market is ready to pay, a thermometer to read with the precautions described above. To follow what the company highlights approaching listing, read Anthropic opens Claude Mythos to 150 organizations just before the IPO.
FAQ
No official date. According to Reuters, the roadshow is targeted for mid-October 2026 at the earliest, on Nasdaq, subject to the prospectus publication by the SEC and market conditions.
Not in 2026, according to Sam Altman on September 12. Its CFO mentioned 2027. A confidential S-1 was filed on June 8, 2026, which does not commit to any schedule.
No. These are cash-settled derivative contracts, with no shares, no voting rights, and no dividends. They track an implied valuation formed on OKX, which might differ from the future IPO price.
No. The PEA only accepts companies headquartered in the EU or EEA. OpenAI and Anthropic are American: a standard brokerage account will be needed.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
The Cointribune editorial team unites its voices to address topics related to cryptocurrencies, investment, the metaverse, and NFTs, while striving to answer your questions as best as possible.
The contents and products mentioned on this page are in no way approved by Cointribune and should not be interpreted as falling under its responsibility.
Cointribune strives to communicate all useful information to readers, but cannot guarantee its accuracy and completeness. We invite readers to do their research before taking any action related to the company and to take full responsibility for their decisions. This article should not be considered as investment advice, an offer, or an invitation to purchase any products or services.
Investment in digital financial assets carries risks.
Read more