Pre-IPO Campaigns

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.

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

Venue	Track	Equity rung	Price	Pricing unit	24h volume	Cost	Max leverage	Redemption / delivery	Pricing mechanism
PreStocksOPENAI	Secondary spot	L3 · Tokenized SPV	$1,126.83Snapshot 2026-08-02	Per token	$7.1K	Fee 0.01%	No redemption right	Secondary order book
TesseraTOPENAI	Secondary spot	L3 · Tokenized SPV	$812.29Snapshot 2026-08-02	Per token	$369.2K	Fee 0.2%	90-day window after a liquidity event — expires to zero	Secondary order book
GatePre-IPO TokenOPENAI	Secondary spot	L4 · Mirror note	$727.80Snapshot 2026-08-02	Per token	$34.1K	Fee 0	Instant, no lock-up	Secondary order book
RepublicPREOPAI	Secondary spot	L4 · Mirror note	$703.35Snapshot 2026-08-02	Per token	$127.5K	—	Locked 12 months; pro-rata on IPO or M&A	Secondary order book
Jarsy	Primary issuance	L2 · SPV / fund share	Issuer-priced subscription	—	—	Fee 5% + 1–10% carry	6–12 month lock-up on some names	SPV NAV / primary price
KrakenVCXx	Primary issuance	L2 · SPV / fund share	Issuer-priced subscription	—	—	—	Fund-level lock-up	SPV NAV / primary price
MSX	Primary issuance	L2 · SPV / fund share	Issuer-priced subscription	—	—	—	6–12 month lock-up on some names	SPV NAV / primary price
Binance WalletPre-IPO	Secondary spot	L3 · Tokenized SPV	Market live, no public feed	—	—	Fee spread	No redemption right	Secondary order book
PIPO	Primary issuance	L3 · Tokenized SPV	Issuer-priced subscription	—	—	—	Warrant exercise at IPO	SPV NAV / primary price
Robinhood EU	Primary issuance	L3 · Tokenized SPV	Issuer-priced subscription	—	—	—	Contractual claim, non-transferable	SPV NAV / primary price
BitgetIPO PrimepreOPAI	Primary issuance	L4 · Mirror note	Issuer-priced subscription	Per token	—	Fee 0	Redeemable ~6 months after IPO	SPV NAV / primary price
Aster	Perp · on-chain	L5 · Synthetic	Perp mark price, not yet wired	—	—	—	Cash-settled, no share delivery	Protocol-internal mark
Binance Futures	Perp · CEX	L5 · Synthetic	Perp mark price, not yet wired	—	—	Holding 5.5%/yr	Cash-settled, no share delivery	Undisclosed
Crypto.com	Perp · CEX	L5 · Synthetic	Perp mark price, not yet wired	—	—	—	Cash-settled, no share delivery	External private-market feed
GatePre-IPO Perp	Perp · CEX	L5 · Synthetic	Perp mark price, not yet wired	Per share	—	—	Cash-settled, no share delivery	Protocol-internal mark
HelixInjective	Perp · on-chain	L5 · Synthetic	Perp mark price, not yet wired	—	—	Holding 2.0%/yr	Cash-settled, no share delivery	SEDA + Caplight oracle
Kalshi	Prediction market	L5 · Synthetic	Odds, not yet wired	Probability	—	—	Settled on the event	Binary odds
Kraken	Perp · CEX	L5 · Synthetic	Perp mark price, not yet wired	—	—	—	Cash-settled, no share delivery	PreMarket Synthetic index
Lighter	Perp · on-chain	L5 · Synthetic	Perp mark price, not yet wired	—	—	—	Cash-settled, no share delivery	Protocol-internal mark
OKX	Perp · CEX	L5 · Synthetic	Perp mark price, not yet wired	Per share	—	Holding 0.0%/yr	Cash-settled, no share delivery	Market cap ÷ assumed shares
Polymarket	Prediction market	L5 · Synthetic	Odds, not yet wired	Probability	—	—	Settled on the event	Binary odds