Anthropic is aiming for a roadshow in mid-October on the Nasdaq, according to Reuters, and OpenAI has pushed back its listing to 2027 through the voice of Sam Altman. Neither stock is yet buyable. In Europe, however, there is only one regulated way to take a position now on their valuation: the pre-IPO X-Perps contracts launched by OKX on September 10. Here’s what they allow, what they don’t, and how to access them from France.
In brief
- Anthropic: Confidential S-1 filed on June 1, draft prospectus obtained by Reuters on September 28, roadshow targeted for mid-October at the earliest, valuation mentioned around $2,000 billion.
- OpenAI: confidential S-1 filed on June 8, but “not 2026” according to Sam Altman (Fortune, September 12); Bloomberg reported on September 29 a raising of at least 30 billion at 1,400 billion valuation.
- Since September 10, OKX has been offering X-Perps OPENAIUSD and ANTHROPICUSD, leverage up to 10x, reserved for EEA residents who have passed a suitability test.
- These are derivatives: no shares delivered, rapid loss of capital possible, and an IPO can be delayed or canceled.
Are OpenAI and Anthropic already on the stock market?
No, and the two calendars have just diverged. Anthropic is moving forward: the company confirmed on June 1 a confidential filing of S-1, the registration document required by the SEC before any listing, as we wrote in Anthropic would now target mid-October for its IPO. On September 5, Reuters reported a roadshow shifted to mid-October at the earliest, on the Nasdaq (Anthropic announcement of June 1).
On September 28, Reuters and then the Financial Times obtained the draft prospectus. According to these documents, not published on the SEC website as of October 1, Anthropic carried out $4.6 billion revenue in 2025, 11.5 billion in the second quarter of 2026 alone, and plans 518 billion in infrastructure spending (Euronews, September 29). The last private valuation dates from the May 28 round: 65 billion raised at 965 billion dollars (Series H press release).
OpenAI, conversely, has slowed down. The company filed its own confidential S-1 on June 8 (Fortune, June 9), then Sam Altman decided on September 12 in Fortune: “ I wouldn’t say 2026, yeah. » Its financial director Sarah Friar spoke to employees on August 19 about a listed company “in 2027”. On September 29, Bloomberg reported that OpenAI was seeking at least 30 billion dollars at 1,400 billion pre-money valuation, a financing bridge before a postponed IPO.
Can you buy OpenAI or Anthropic stock today?
Not live. The shares of the two companies only circulate on private secondary markets reserved for qualified investors, with tickets worth several hundred thousand dollars and the agreement of the issuer. A French individual does not have access to it.
After the listing, it will be necessary to ordinary securities account at a broker giving access to Nasdaq. The PEA will remain closed: it only accepts companies whose headquarters are in the European Union or the European Economic Area. And the allocation to the introductory price is in practice reserved for institutional clients of the syndicate banks; the individual generally buys at the opening, at the market price.
Between the two, there has been a third option since September, supervised by MiFID: pre-IPO derivative contracts. The principle already existed on SpaceX, as we saw when SpaceX derivatives exceeded $5.6 billion in 24 hours. OKX has transposed it to OpenAI and Anthropic for European traders.
How Do OKX Pre-IPO X-Perps Work?
An X-Perp is a perpetual contract, that is to say a derivative product without a fixed expiry date, the price of which follows a reference. Here, the reference is not a stock market price, which does not yet exist, but the price formed by the OKX order book, possibly supplemented by that of other platforms. The contract is settled in cash: you never receive any shares, voting rights or dividends (OKX help page).
| Element | What OKX plans (as of October 1, 2026) |
| Contracts | OPENAIUSD and ANTHROPICUSD, launched in Europe on September 10, 2026 |
| Sense | Long (up) or short (down) position in the implied valuation |
| Lever | Up to 10x |
| Schedules | 24/7 |
| Reference price | OKX order book, supplemented if necessary by other platforms; may deviate significantly from private valuations and future IPO price |
| Financing fees | Possible; the “premium” component is set at zero due to lack of listed underlying |
| IPO day | OKX plans to convert the contract into classic X-Perp linked to the listed stock |
| If the IPO is canceled | Withdrawal from the contract announced “within a reasonable time” and settlement at a final price set by OKX |
| Duration | Technical deadline of five years within the EEA framework |
| Eligibility | EEA residents, identity verification and MiFID II suitability test |
| Entity | OKX Europe Markets Ltd, authorized by the MFSA (Malta) under the Investment Services Act |
The point that matters most is in the third row of the table: the price of a pre-IPO X-Perp is a market opinion, not an official valuation. Euronews noted on September 29 that the pre-IPO contracts involved approximately 2,360 billion dollars for Anthropic, compared to 965 billion during the last private round. The gap can close in either direction on listing day.
How to open an OKX account and access pre-IPO markets?
The course takes place in five stages with a bonus of $100 offered with our sponsorship link for the IPO of your choice:
- Create an account via the Tremplin.io referral linkwhich attaches the welcome bonus.
- Pass identity verification, mandatory for all EEA residents.
- Complete the MiFID suitability questionnaire, which checks that you understand leveraged products. Without him, the X-Perps remain closed.
- Deposit euros by SEPA transfer, or cryptos.
- Search for OPENAIUSD or ANTHROPICUSD in the X-Perps tab, choose the leverage, and never commit more than you are willing to lose.
OKX is leading a launch campaign for new registrants from 33 European countries: X-Perps vouchers usable for seven days on the two pre-IPO contracts, and BTC rewards blocked for thirty days. The amount depends on each user and is displayed in the application after registration; the tasks (deposit, first orders) must be completed within thirty days (campaign conditions).
A reminder that experienced traders know: a voucher allows you to open a position without committing your own funds, but the margin offered is not withdrawable. Only the possible gain is.
What are the risks, concretely?
The first is mechanical. With 10x leverage, a 10% drop in implied valuation is enough to liquidate a long position. OKX writes it bluntly: “ Leverage can amplify gains and losses and may cause rapid liquidation. Capital is at risk. » (Leverage can magnify gains and losses and cause rapid liquidation. Capital is exposed.)
The second is specific to IPOs. A calendar slips: Anthropic aimed for the end of September, then mid-October; OpenAI aimed for 2026, then 2027. Anthropic’s prospectus itself, according to Reuters, devotes almost a third of its pages to risk factors, even mentioning “existential risks to humanity” linked to AI. A company that writes this to its future shareholders is not promising a linear trajectory.
Anthropic has not yet published its prospectus on the SEC website, and it is this publication, not the leaks, that will really start the countdown. If it occurs in the coming days, the mid-October window holds; otherwise, it will slide towards November, a few days before the American mid-term elections.
Until then, OKX’s X-Perps will remain the only European thermometer for what the market is willing to pay, a thermometer to be read with the precautions described above. To follow what the company is highlighting as listing approaches, read Anthropic Opens Claude Mythos to 150 Organizations Just Before IPO.
FAQs
No official date. According to Reuters, the roadshow is targeted for mid-October 2026 at the earliest, on Nasdaq, subject to the publication of the prospectus by the SEC and market conditions.
Not in 2026, according to Sam Altman on September 12. Its financial director mentioned 2027. A confidential S-1 was filed on June 8, 2026, which does not commit to any timetable.
No. These are cash-settled derivative contracts with no shares, voting rights or dividends. They follow an implied valuation formed on OKX, which may differ from the future IPO price.
No. The PEA only accepts companies headquartered in the EU or EEA. OpenAI and Anthropic are American: you will need an ordinary securities account.
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