> For the complete documentation index, see [llms.txt](https://docs.asterdex.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.asterdex.com/trading/perpetuals/pre-ipo-perpetuals.md). # Pre-IPO Perpetuals ### Introduction Pre-IPO Perpetuals are synthetic perpetual futures markets designed to track market expectations around a company's anticipated public listing. They allow traders to gain directional exposure to the expected market value of a private company before its shares begin trading on a public exchange. Pre-IPO Perpetuals create a continuous derivatives market for pre-listing price discovery, enabling participants to express bullish or bearish views through a 24/7 tradable instrument. Unlike traditional IPO participation, Pre-IPO Perpetuals are open market derivative contracts. They are designed for trading exposure, not ownership. A position in a Pre-IPO Perpetual market does not represent equity ownership in the referenced company and does not provide any rights associated with holding shares. #### Pre-IPO Perpetuals Pre-IPO Perpetuals are synthetic perpetual markets designed to reflect market-implied expectations of a private company's potential future public valuation prior to any official stock exchange listing. Examples include: * OPENAI (OpenAI Pre-IPO Perpetual) * ANTHROPIC (Anthropic Pre-IPO Perpetual) OpenAI is an artificial intelligence research and deployment company focused on advanced AI models, reasoning systems, and AI infrastructure technologies used across consumer and enterprise applications. Anthropic is an artificial intelligence safety and research company focused on developing reliable, interpretable, and aligned AI systems, including the Claude family of AI models used across consumer and enterprise applications. These markets track synthetic expectations around the anticipated future public value of company shares. They do not represent actual company equity, ownership, voting rights, shareholder rights, or participation in any future IPO allocation. For example: * If OPENAI trades at $120, the market is implying an expected future public share value of approximately $120 per share for OpenAI. * If ANTHROPIC trades at $100, the market is implying an expected future public share value of approximately $100 per share for ANTHROPIC. Prices may fluctuate based on: * funding rounds * listing expectations * strategic partnerships * macroeconomic conditions * AI or aerospace industry developments * regulatory changes * public market sentiment These products are designed as continuously traded derivatives-based valuation signals rather than fixed estimates or official company valuations. #### Market Specification Index **OpenAI:** | Market | OpenAI (OPENAI) | | ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Status | Live | | Description | OPENAI is a pre-IPO market reflecting the market-implied expected price per share of OpenAI. OpenAI is an artificial intelligence research and deployment company focused on developing advanced AI models, reasoning systems, and AI infrastructure technologies used across consumer and enterprise applications worldwide. | | Reference Fully Diluted Share Count | 1 billion | | Outside Launch Date | Q4 2026 | | Max Leverage | 20x | | Market Order Price Cap/Floor Ratio | 5% | | Anticipated Listing Event | IPO | **ANTHROPIC:** | Market | Anthropic PBC (ANTHROPIC) | | ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Status | Live | | Description | ANTH is a pre-IPO market reflecting the market-implied expected price per share of Anthropic. Anthropic is an artificial intelligence safety and research company focused on developing reliable, interpretable, and aligned AI systems, including the Claude family of large language models used across consumer and enterprise applications. | | Reference Fully Diluted Share Count | 1 billion | | Outside Launch Date | Q4 2026 | | Max Leverage | 10x | | Market Order Price Cap/Floor Ratio | 5% | | Anticipated Listing Event | IPO | **POLYMARKET:** | Market | POLYMARKET (POLYMARKET) | | ----------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | Status | Live | | Description |

POLYMARKETUSDT Pre-IPO Perpetual Contract tracks the implied price of Polymarket, a prediction market platform, based on tokenized pre-IPO exposure associated with Polymarket.

Polymarket is a prediction market platform that allows users to trade on the outcome of real-world events, including politics, sports, finance, technology, and other major events. Users can buy and sell outcome shares, with market prices reflecting the market-implied probability of each outcome.

| | Reference Fully Diluted Share Count | 1 billion | | Max Leverage | 5x | | Market Order Price Cap/Floor Ratio | 5% | | Anticipated Listing Event | IPO | **MOONSHOT:** | Market | Beijing Moonshot AI Technology Co., Ltd. (MOONSHOT) | | ----------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Status | Live | | Description | MOONSHOTUSDT Pre-IPO Perpetual Contract tracks the price of Beijing Moonshot AI Technology Co., Ltd. Moonshot AI is an artificial intelligence company focused on developing advanced AI models and applications, including large language models and AI-powered products. The company was founded in Beijing and is known for developing the Kimi AI assistant. | | Reference Fully Diluted Share Count | 1 billion | | Max Leverage | 20x | | Market Order Price Cap/Floor Ratio | 5% | | Anticipated Listing Event | IPO | **OURA:** | Market | Oura Inc. (OURA) | | ----------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Status | Live | | Description | OURAUSDT Pre-IPO Perpetual Contract tracks the price of Oura Inc. Oura is a health technology company that develops smart rings and digital health products designed to help users monitor sleep, activity, recovery, and other health-related metrics. Its flagship Oura Ring combines wearable sensors with software to provide personalized health and wellness insights. | | Reference Fully Diluted Share Count | 320,945,459 | | Max Leverage | 20x | | Market Order Price Cap/Floor Ratio | 5% | | Anticipated Listing Event | IPO | #### Risk Disclaimer Pre-IPO perpetual contracts carry a distinct and elevated risk profile compared to standard perpetual futures. Please read the following carefully before trading. **No Equity Ownership** Per-IPO Perpetuals are synthetic derivative instruments. Trading SPCX, OPENAI or any Pre-IPO Perpetual contract does not constitute equity ownership in the referenced company, does not grant shareholder rights, and does not guarantee participation in any future IPO or secondary market listing. **Listing Uncertainty** The referenced company may delay, modify, or indefinitely postpone its public listing. In the event that no listing occurs, the contract may be settled or terminated at Aster's discretion based on available valuation references. **Share Count & Structural Adjustments** If the reference fully diluted share count changes — due to new funding rounds, secondary transactions, stock splits, or other corporate actions. **Aster reserves the right, at its sole discretion, to:** * Adjust contract specifications, including pricing and settlement mechanisms * Modify or replace the reference share count used for valuation * Extend or terminate the pre-IPO perpetual contract * Delist the market at any time