You can’t buy shares in OpenAI or Anthropic on any public exchange — neither has gone public. But you can trade a synthetic perpetual on Hyperliquid whose price directly tracks their implied valuation, deployed via the HIP-3 framework by a builder called entropyIO.
How the price maps to valuation
These contracts are priced so that the number itself represents implied valuation in billions of dollars — a contract trading at 1,639 implies roughly a $1.639T valuation. It’s a clean, if unofficial, way to see how the market is pricing a company that has no public shares to reference.
Cash-settled, not equity
It’s worth being precise about what this is and isn’t. These are cash-settled derivatives — no ownership, no voting rights, no dividends, no IPO allocation. If and when the underlying company completes a public listing, the contract automatically converts to a standard equity perpetual, the same way it happens for other companies that started as HIP-3 pre-IPO markets and later listed.
The oracle matters here
Not every HIP-3 pre-IPO market works the same way. entropyIO’s markets use a RedStone-fed oracle from day one, which means the usual oracle-vs-mark divergence signal is meaningful here — unlike some other pre-IPO deployers that run without any external oracle until conversion, where the price is purely whatever traders are willing to pay.
Summary
Pre-IPO perpetuals give the market a live, if synthetic, read on how much private AI labs are “worth” according to traders willing to put capital behind that view — with the significant caveat that this confers no actual ownership and the mechanism can vary meaningfully between deployers.