Kraken has introduced cash-settled perpetual futures tied to the private valuations of OpenAI and Anthropic, allowing eligible traders to establish leveraged long or short positions before either company completes an initial public offering. The contracts, launched on Sept. 6, 2026, offer up to 5x leverage, have no expiration date and support multi-collateral margin through Kraken's derivatives infrastructure. They provide no equity ownership, voting rights, dividends or claim on either company's assets. OpenAI trades under PF_OPENAIXUSD and Anthropic under PF_ANTHROPICXUSD. Because neither company has publicly traded shares, Kraken uses its PreMarket Synthetic index, derived from activity in the futures market and adjusted with exponential smoothing. Mark prices are kept within 0.25% of that index. The products are unavailable in the United States, European Economic Area, Canada, Australia and New Zealand, while access in the United Kingdom is limited to professional clients. Payward Digital Solutions offers the contracts from Bermuda under authorization from the Bermuda Monetary Authority. Kraken intends to replace the synthetic reference with pricing based on its xStocks tokenized-equity platform if either company goes public, and reserves the right to delist and settle the contracts if no IPO occurs or reliable pricing is unavailable.