Perpetual futures trading has traditionally centered on cryptocurrencies, with crypto perpetuals averaging approximately $4.7 trillion in monthly trading volume according to CoinGecko Research figures. This trading model is now expanding into new territory, giving traders exposure to publicly listed companies and private firms preparing to go public.
PrimeXBT, a global multi-asset broker, has introduced Tokenized Stock Crypto Futures and is preparing to launch Pre-IPO Trading, beginning with Anthropic, the artificial intelligence company behind Claude.
From Crypto to Company-Linked Markets
The shift toward perpetual futures on non-crypto assets gained momentum earlier this year as major exchanges introduced contracts linked to private companies including SpaceX and OpenAI. Similar instruments subsequently appeared on other trading venues.
These derivatives apply the familiar perpetual futures structure to different markets. Rather than owning underlying shares, traders take long or short positions through USDT-quoted contracts. For listed companies, prices track underlying stock movements. For private companies preparing to go public, prices reflect market expectations about potential valuations and upcoming listings.
SpaceX's June IPO illustrated the scale of interest in major public debuts. The company priced shares at $135, opened at $150, and closed its first trading day at $160.95, approximately 19% above the IPO price.
PrimeXBT's Tokenized Stock Offering
In October, PrimeXBT launched seven Tokenized Stock Crypto Futures contracts linked to SpaceX, NVIDIA, Tesla, Circle, Apple, Alphabet, and Robinhood. These USDT-quoted derivatives operate 24/7, allowing traders to take positions on share price movements without owning the underlying shares.
The contracts extend PrimeXBT's existing Crypto Futures offering, which includes more than 350 markets across Crypto Futures and CFDs on forex, commodities, indices, shares, and cryptocurrencies. The PXTrader 2.0 platform supports accounts denominated in USD, USDT, USDC, BTC, and ETH, with features including TradingView-powered charts, price alerts, and mobile access.
Pre-IPO Trading with Anthropic
PrimeXBT is now introducing Pre-IPO Trading as a new category within its Crypto Futures, beginning with ANTHROPIC/USDT. The USDT-margined perpetual will trade 24/7, allowing traders to take positions on Anthropic's market-implied valuation ahead of its public listing without owning company shares.
Anthropic filed its IPO registration with the U.S. Securities and Exchange Commission on October 26, proposing a Nasdaq listing under the ticker ANT. The company has indicated an offering price range of $70–$78 per share, with public trading expected to begin on November 19.
Unlike tokenized stock contracts tied to listed companies, ANTHROPIC/USDT will initially have no official share price. Its price will be determined through a live order book, with each contract representing one notional share. Following Anthropic's public debut, the contract is designed to transition into a standard perpetual futures contract linked to the listed stock.
If the IPO is cancelled, the contract may be delisted, with open positions closed or settled at a reference price following advance notice.
