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Pre-IPO Campaigns

Pick a company and see how each venue prices it — and how far the terms diverge.

As of 2026-08-02, Barker tracks 11 pre-IPO companies across 39 venues spanning subscriptions, SPV spot tokens, CEX and on-chain perpetuals, prediction markets and lending.

Pick a company

OpenAI

IPO delayedPrimary issuanceSecondary spotPerp · CEXPerp · on-chainPrediction market

Reportedly weighing a delay into 2027. Like Anthropic, OpenAI declared unauthorized SPV share transfers void — that May 2026 statement took about 22.5% off sector TVL in 48 hours.

Latest primary valuation

$852B

$122B raised · 2026-03-31

Secondary / on-chain implied

—

range across venues

Premium vs primary

—

implied mid vs last round

Venues

21

6 with a public price

OpenAI IPO by year end73%

OpenAI — same company, different prices

59% spread across 4 venues

These are per-token prices under different share conventions. The gap is mostly the convention, not the valuation — which is exactly why the raw numbers cannot be compared.

Republic$708.02
Gate$727.77
Tessera$785.04
PreStocks$1,126.00

OpenAI across every venue

Every venue listing this name, with the full parameter set. Redemption terms in red are the ones that can take your position to zero.

Live from CoinGecko · updated Aug 2, 2026, 11:41 PMManually maintained from platform docs — no public API exists
VenueTrackEquity rungPricePricing unitMarket cap24h volumeFunding (ann.)Max leverageMinimumFeeRedemption / deliveryPricing mechanism
PreStocksOPENAI
Secondary spotL3 · Tokenized SPV
$1,126.00
Per token$1.58M$5.9K——$0.010.01%No redemption rightSecondary order book
TesseraTOPENAI
Secondary spotL3 · Tokenized SPV
$785.04
Per token$537.8K$382.0K——$10.2%90-day window after a liquidity event — expires to zeroSecondary order book
GatePre-IPO TokenOPENAI
Secondary spotL4 · Mirror note
$727.77
Per token—$33.6K——100 USDT0Instant, no lock-upSecondary order book
RepublicPREOPAI
Secondary spotL4 · Mirror note
$708.02
Per token$20.59M$255.1K——$50—Locked 12 months; pro-rata on IPO or M&ASecondary order book
Jarsy
Primary issuanceL2 · SPV / fund shareIssuer-priced subscription—————$105% + 1–10% carry6–12 month lock-up on some namesSPV NAV / primary price
KrakenVCXx
Primary issuanceL2 · SPV / fund shareIssuer-priced subscription———————Fund-level lock-upSPV NAV / primary price
MSX
Primary issuanceL2 · SPV / fund shareIssuer-priced subscription—————$10—6–12 month lock-up on some namesSPV NAV / primary price
Binance WalletPre-IPO
Secondary spotL3 · Tokenized SPVMarket live, no public feed—————0.01spreadNo redemption rightSecondary order book
PIPO
Primary issuanceL3 · Tokenized SPVIssuer-priced subscription———————Warrant exercise at IPOSPV NAV / primary price
Robinhood EU
Primary issuanceL3 · Tokenized SPVIssuer-priced subscription—————€1—Contractual claim, non-transferableSPV NAV / primary price
BitgetIPO PrimepreOPAI
Primary issuanceL4 · Mirror noteIssuer-priced subscriptionPer token————100 USDT0Redeemable ~6 months after IPOSPV NAV / primary price
Aster
Perp · on-chainL5 · SyntheticPerp mark price, not yet wired————5x——Cash-settled, no share deliveryProtocol-internal mark
Binance Futures
Perp · CEXL5 · SyntheticPerp mark price, not yet wired———5.5%———Cash-settled, no share deliveryUndisclosed
Crypto.com
Perp · CEXL5 · SyntheticPerp mark price, not yet wired———————Cash-settled, no share deliveryExternal private-market feed
GatePre-IPO Perp
Perp · CEXL5 · Synthetic
$1,104.01
Per share——————Cash-settled, no share deliveryProtocol-internal mark
HelixInjective
Perp · on-chainL5 · SyntheticPerp mark price, not yet wired———2.0%5x——Cash-settled, no share deliverySEDA + Caplight oracle
Kalshi
Prediction marketL5 · SyntheticOdds, not yet wiredProbability——————Settled on the eventBinary odds
Kraken
Perp · CEXL5 · SyntheticPerp mark price, not yet wired————5x——Cash-settled, no share deliveryPreMarket Synthetic index
Lighter
Perp · on-chainL5 · SyntheticPerp mark price, not yet wired———————Cash-settled, no share deliveryProtocol-internal mark
OKX
Perp · CEXL5 · Synthetic
$112.16
Per share——0.0%———Cash-settled, no share deliveryMarket cap ÷ assumed shares
Polymarket
Prediction marketL5 · SyntheticOdds, not yet wiredProbability——————Settled on the eventBinary odds
    Pre-IPO Campaigns — every venue, compared by company