OpenAI (Derivatives) (OPENAI)

2026 is being watched as a year of one of the largest Mega IPO waves in history.
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Reuters reports that SpaceX, OpenAI and Anthropic could together add about $3 trillion in value to the U.S. stock market.
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But what's more interesting is
Before these companies actually IPO
the crypto world has already started a market that reflects the “expectations” for these companies.
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It could be a reference contract that mirrors the market’s view on the valuation of these companies before the IPO.
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If we base it on the current price on OKX
the market is giving an implied valuation of roughly this.
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SpaceX is around $2.1 trillion.
OpenAI is around $1.35 trillion.
Anthropic is around $1.5 trillion.
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These numbers are very interesting
because they are higher than many valuations discussed in the traditional private market.
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That means in the eyes of the crypto market
the narrative around AI, Space and frontier technology is still being valued at a very high level.
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The key point is
these numbers do not say the company “should be valued at this”
but they indicate how high the crypto market is reflecting expectations before the IPO.
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Previously, the private market was a space for VC, institutional investors, or those who could access the secondary market.
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But now crypto exchanges are starting to create parallel markets
that allow the general public to see the market’s view of companies before the IPO 24/7.
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This is the most interesting picture of the story.
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The Mega IPO wave is not only happening on Wall Street
but it is already casting a shadow in the crypto market.
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It must be clearly distinguished that
the Pre-IPO Perpetual price on OKX is not the actual stock price
and it is not the official valuation of the company.
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It is an implied valuation from the reference contract market
which can change according to liquidity, news, and market sentiment.
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But on the big picture
this is a signal that the line separating private market, public market and crypto market is becoming increasingly thin.
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The question to watch is
after this, how much will the crypto market become a new space
for truly reflecting companies’ pre‑IPO valuations.