Defillama, the crypto data aggregator, has started tracking pre-IPO perpetual futures for four of the biggest names in tech: Anthropic, OpenAI, SpaceX, and Quantinuum. The move gives onchain traders a new window into betting on those private companies' valuations long before they ever hit a public exchange.
What Defillama is now showing
Defillama's dashboard now lists perpetual futures tied to the performance of those four firms. Perpetual futures — or perps — are a common crypto derivative with no expiry date, letting traders hold positions indefinitely by paying or receiving a funding rate. The new listings mean users can see prices, volume, and open interest for contracts that track private-company shares, a market that until now has mostly lived on a handful of specialized trading venues.
The data covers Anthropic, OpenAI, SpaceX, and Quantinuum – each still private, each commanding enormous valuations. Defillama's addition makes the information more accessible to a broader crypto audience.
Why onchain traders are racing in
The timing lines up with a wider push into pre-IPO derivatives across crypto. Onchain traders are racing to bet on the year's biggest private companies before they go public, the facts show. For many, these perps offer a way to get exposure to names like SpaceX or OpenAI without waiting for an IPO or dealing with traditional secondary-market restrictions.
It's a high-risk game. Private companies don't have the same disclosure requirements as public ones, and prices on these contracts can swing sharply on rumors or leaked financials. But the appetite is clearly there.
A new niche for Defillama
Defillama built its name tracking DeFi protocols and yields. Adding pre-IPO perps marks a shift — it's moving from pure onchain data into assets that bridge crypto with traditional private markets. The selection of companies is telling: each is a household name in AI or space, exactly the kind of bet that attracts crypto's risk-hungry crowd.
Whether other aggregators follow remains an open question. For now, Defillama has a first-mover advantage in making this data visible alongside standard DeFi metrics.
