Pre-IPO perpetuals on Hyperliquid: compare the contract before the company

A pre-IPO perpetual is a derivative linked to a company that has not yet publicly listed. It does not allocate private shares. The issuer name alone is not enough to identify a contract: the deployer prefix, reference unit, oracle and settlement rules all matter. This page was reviewed on September 25, 2026.

OpenAI OAI and Anthropic ANTH trade on Entropy’s io deployment. Their prices express implied market capitalization in billions of dollars. They are not per-share quotes. Their current guides list the dated API checks and the documentation conflicts we could not resolve.

The former Ventuals OPENAI and ANTHROPIC contracts are closed. SpaceX is now publicly listed, and SPCX is covered as an equity perpetual. A page that still lists those three old Ventuals routes as current pre-IPO markets is out of date.

Entropy defines its pre-IPO products as market-cap contracts and says they keep that scale after an IPO. XYZ’s pre-IPO framework instead describes contracts tied to anticipated listed equity, with a later switch to its equity pricing regime. Read the market-specific specification; the word pre-IPO does not imply one universal design.

For comparison, write down the exact contract name, what one price point means, collateral, available margin mode, current leverage cap, funding rate, and exit depth. A high company valuation and a cheap derivative are different claims. Sparse private-market observations make that distinction particularly important.

Check what happens after a listing, a delayed IPO, an acquisition or an operator settlement notice. Funding can accumulate before any corporate event, and liquidation can end a position long before an eventual valuation thesis is tested. Product specifications are the place to start, not an old financing headline.

Use the reviewed guide directory to reach the specific contract pages. For operator-level context, read HIP-3 deployers and closed markets.