You can trade price movements linked to OpenAI and Anthropic before their public listings through Bayse’s Pre-Market Perps offering, which is subject to contract availability and eligibility. Traders can take long positions when they expect a contract’s price to rise or short positions when they expect it to fall.
These contracts provide price exposure without giving traders ownership of shares in either company.
With both AI companies attracting attention ahead of their potential IPOs, understanding how pre-market trading works is becoming increasingly relevant.
Explore OpenAI and Anthropic IPO prediction markets on Bayse
Why Are OpenAI and Anthropic’s IPOs Attracting Attention?
The competition between OpenAI and Anthropic has moved beyond developing better AI models. Both companies are competing for enterprise customers, computing resources and investor capital. Their potential public listings have also raised questions about how investors will value AI businesses.
On October 19, 2026, Reuters reported that OpenAI was seeking approximately $30 billion in funding at a valuation potentially exceeding $1.4 trillion.
The report suggested that OpenAI was accelerating its fundraising efforts ahead of Anthropic’s anticipated IPO. Three days later, Reuters reported that Anthropic was pressing ahead with plans for a possible mid-November listing, although the schedule remained subject to change.
OpenAI’s own IPO timeline is less immediate. In September, CEO Sam Altman indicated that the company would not go public in 2026.
For traders, these developments raise questions about company valuations and the prices the market may assign to AI-related contracts.
What Are Pre-Market Perps on Bayse?
Pre-Market Perps are derivative contracts that provide exposure to price movements before an underlying company completes its public listing.
On Bayse, perpetual trading allows users to open positions based on whether they expect a contract’s price to rise or fall. Unlike purchasing shares through a stock exchange, a perpetual position does not provide ownership of the underlying company.
Bayse’s Perpetual Contracts Guide explains that perpetual contracts generally have no fixed expiry date. A position can remain open until it is closed or liquidated, provided the trader meets the applicable requirements.
For pre-IPO contracts, traders should also review any special rules that apply when the company eventually lists.
How Do Long and Short Positions Work?
The direction of your trade reflects your expectation of how a contract’s price will move.
Going Long
A long position benefits when the contract’s price rises, assuming other costs and trading conditions remain unchanged.
For example, if a trader opens a long position when a contract is priced at $100 and its price rises to $110, the favourable movement is $10 per unit of exposure before applicable costs.
If the price falls instead, the position loses value.
Going Short
A short position benefits when the contract’s price falls.
Using the same example, a trader who shorts a contract at $100 would benefit from a decline to $90 before applicable costs.
However, a price increase would move against that position.
These examples illustrate price direction. Actual profit or loss depends on position size, leverage, fees and applicable funding payments.
What Influences OpenAI and Anthropic Pre-Market Prices?
One of the biggest mistakes a trader can make is treating an impressive company valuation as sufficient justification for a position.
A company’s fundraising valuation and the price of a perpetual contract measure different things. The contract’s price reflects trading activity and the market’s expectations under the relevant product rules.
For companies such as OpenAI and Anthropic, several developments may influence expectations including:
- Revenue growth: Investors want to understand whether demand for AI products translates into sustainable revenue.
- Operating costs: Training and operating advanced AI systems require substantial infrastructure spending. These expenses can influence profitability expectations.
- IPO developments: Changes to listing dates, fundraising plans or public disclosures may affect market sentiment.
- Broader market conditions: Interest rates and investor appetite for technology companies can influence how aggressively high-growth businesses are valued.
A trader following these developments should also monitor the contract’s own pricing and liquidity.
An accurate view of a company’s future does not guarantee a profitable trade at every entry price.
How to Explore Pre-Market Perps on Bayse
Bayse provides a dedicated Perps section where eligible users can review available contracts and open positions.
According to Bayse’s guide to opening a perpetual position, the general process involves the following steps:
- Open the Perps section of the Bayse app.
- Select an available contract, including OpenAI or Anthropic where listed.
- Choose Long or Short based on your market outlook.
- Enter your intended position size.
- Review the available leverage and margin requirements.
- Check the estimated liquidation price, applicable fees and funding information.
- Review the order details before confirming.
After execution, an active position can be monitored in the Perps portfolio section. Contract availability, trading conditions and eligibility should always be checked in the app. Sign up here to get started. Or read our guide to making a prediction on Bayse for detailed information on how to trade.
What Risks Should Traders Understand?
- Perpetual contracts carry significant financial risks, particularly when leverage is involved.
- Leverage allows traders to control a larger position with a smaller amount of margin. It also increases the impact of price movements on the funds committed.
- If the market moves sufficiently against a position, liquidation may occur.
- Funding payments and trading fees can also affect the final result.
These mechanics are explained further in our Perpetual Trading FAQ.
Before opening a position, traders should understand their exposure, the contract’s liquidity, and the conditions under which their position could be closed.
Frequently Asked Questions
Can I buy OpenAI or Anthropic shares on Bayse before their IPOs?
No. Pre-Market Perps provide derivative exposure to price movements. They do not give traders ownership of company shares.
Can I short OpenAI or Anthropic before their IPOs?
Eligible traders may take short positions on the relevant Pre-Market Perps contracts when those contracts are available on Bayse.
Do Pre-Market Perps expire when a company goes public?
Perpetual contracts generally have no fixed expiry date. However, traders must check the specific pre-market contract rules for any IPO-related treatment.
Can I lose money trading Pre-Market Perps?
Yes. Incorrect price expectations, leverage, trading costs and liquidation risk can result in financial losses.
Explore OpenAI and Anthropic Pre-Market Perps on Bayse
The potential public listings of OpenAI and Anthropic will continue to generate questions about AI valuations and investor expectations.
Bayse gives eligible traders a way to express their market outlook through long and short positions on available Pre-Market Perps contracts.
Visit Bayse Markets, open the Perps section and review the available contracts before deciding whether to participate.
Trade OpenAI and Anthropic before the IPO.
Derivatives trading involves financial risk. Bayse does not provide investment advice, and pre-market positions do not confer ownership in the underlying companies.