Trade Anthropic
before the IPO.

“Pre-IPO” refers to a company that is still private, before it has held an initial public offering and listed its shares on a public stock exchange. The most valuable companies of this era are staying private far longer than they used to, so most of their growth now happens before any public listing. Historically that upside has been reachable only by venture funds, insiders, and accredited investors with access to private secondary markets, where shares are illiquid, gated, and expensive to trade.

PreIPO opens that market. Each PreIPO token is a synthetic instrument that references the per-share value of a single private company and trades freely 24/7 on Aerodrome on Base, priced in USDC, with no accreditation, minimums, or lockup on the token itself. A token is not a share and confers no ownership of, or claim on, any share.

PreIPO launches with the companies defining the AI era, frontier labs like Anthropic and OpenAI and AI-defense companies like Anduril and Saronic, because that is where private-market demand is most concentrated today. The model is not limited to AI, though: any high-growth private company on a credible path to a liquidity event can be referenced, and the roster is expected to broaden over time.

Oracle pricing for pre-IPO assets is currently fragmented and unreliable. Reference prices diverge widely across sources: funding-round marks lag by months, mutual-fund marks are published quarterly, and secondary-market quotes are sparse, gated, and often stale, leaving derivative venues without a robust, manipulation-resistant price feed.

Spot trading solves this at the source. Continuous, transparent, on-chain price discovery in these tokens produces a live market-clearing price for each company. PreIPO blends that traded spot price with independent inputs (institutional fund marks, primary funding rounds, and private-market venue data) into a composite oracle that is materially more accurate and more responsive than any single source.

That oracle, in turn, strengthens the broader Opal ecosystem: reliable reference pricing is the foundation for derivatives, collateralization, and risk management on pre-IPO assets.

Sequencing. The Opal perps exchange is still in beta, and we are working through the remaining steps to make it production-ready. Launching pre-IPO markets there before the venue itself is ready would serve no one.

There is also a hard dependency: derivatives need a reliable oracle. A perps market cannot run safely without a robust, manipulation-resistant reference price, and as covered above, no such feed exists today for private companies. Spot trading comes first precisely because it creates one: continuous on-chain price discovery in the tokens, blended with independent private-market inputs, produces the composite oracle a derivatives market requires.

As for a first-party spot exchange: a spot venue is a whole separate product, with its own liquidity, market-making, and operational demands. Opal is focused on building the best perps exchange, so rather than split that focus, we partner with Aerodrome, the leading spot exchange in the Base ecosystem, to host these markets where the liquidity already is.

Pre-IPO companies are planned as day-one listings when the perps venue reaches production, so the spot markets need time to run and prove the oracle out beforehand. Once both are live, they will operate side by side: spot on Aerodrome for synthetic exposure, perps on Opal for leveraged trading on the same reference prices, each subject to its own terms and eligibility restrictions.

One token is a synthetic contractual obligation of the issuer that references the per-share value of the referenced company. It is not a share and confers no ownership of, or claim on, any share. After the company completes an IPO and the standard post-IPO lockup period (typically about six months) expires, each token becomes redeemable for an amount referenced to the then-current per-share value, paid in USDC.