OpenAI (Derivatives) (OPENAI)

Wu said he learned that Binance Futures announced that on May 26, 2026 at 08:30 (UTC) it will launch the OPENAIUSDT USDⓈ-M pre-IPO perpetual contract, with up to 20x leverage. The contract tracks the estimated equity value of OpenAI Group PBC, with an estimated share count of 1 billion shares, and a funding rate of 0.005% during the pre-IPO phase.
https://t.co/qnIsc0ncX5

If based on the latest implied valuation, SpaceX, OpenAI and Anthropic will not just be high‑valued private companies.
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But they will immediately jump into the list of the world’s largest companies.
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If we rank by valuation in this picture
SpaceX at about $2.10 trillion would rank around #7
larger than TSMC and Broadcom but still below Saudi Aramco
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Anthropic at about $1.50 trillion would rank around #10
slightly larger than Meta and higher than OpenAI, Tesla and Berkshire Hathaway
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OpenAI at about $1.35 trillion would rank around #12
close to Meta and higher than Tesla and Berkshire Hathaway
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What’s interesting is that all three are still private companies
but their valuations are on par with the world’s top public companies.
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And if we look at the real substance, all three are AI‑related.
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OpenAI is the AI application layer via ChatGPT, GPT, Sora and the AI ecosystem.
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Anthropic is AI enterprise and AI safety via Claude and Constitutional AI.
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SpaceX, although imagined as a space company,
internally is full of autonomous landing, Starlink network, satellite data, automation and software infrastructure that heavily rely on AI.
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If these companies actually IPO, do you think we will still see a picture like this, or are they over‑valued?

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.