Binance is expanding its new pre-IPO perpetual contracts category to include OpenAI, just a week after its first token tied to SpaceX racked up more than $280 million in trading volume in five days. The move marks the exchange’s latest push to let traders bet on private companies before they go public.
How pre-IPO perpetuals work
Binance launched the pre-IPO perpetual category last week. Unlike standard futures that track already-traded stocks or crypto, these contracts let users speculate on the future public valuation of companies that haven’t yet listed. The first token, SPCXUSDT, is linked to SpaceX. Within five days, it generated over $280 million in trading volume — an early signal that demand for such products may be high.
Perpetual contracts don’t have an expiry date, so traders can hold positions indefinitely as long as they maintain margin. Binance settles them against a reference price derived from secondary-market activity, not from an actual IPO price, since SpaceX hasn’t gone public.
From SpaceX to OpenAI
The exchange confirmed it is now adding a pre-IPO perpetual contract for OpenAI, the artificial intelligence company behind ChatGPT. OpenAI has been one of the most closely watched private firms, with a valuation that has fluctuated as it raises capital. The new contract will allow traders to take long or short positions on OpenAI’s perceived value ahead of any potential stock market debut.
Binance did not say whether it plans to list pre-IPO perpetuals for other companies. The success of the SpaceX token suggests there is appetite for such speculative instruments among crypto traders, but the category remains untested over the long term. No regulatory approval or specific timeline for the OpenAI contract was disclosed.
The launch comes as Binance faces continued scrutiny from regulators globally. Pre-IPO derivatives exist in traditional finance through contracts for difference or swaps, but they are typically offered to institutional investors. Binance’s version is available to retail users on its exchange, subject to eligibility checks.
For now, the OpenAI perpetual is the second entry in a category that Binance hopes will attract traders looking for exposure to high-profile private companies. Whether the contracts will see the same volume as the SpaceX token — and how regulators will treat them — remains an open question.
