Pre-IPO Perpetuals on Lighter
Lighter lists three private-company perpetual markets: OpenAI, Anthropic and SpaceX. Each contract tracks the value of one share on an assumed count of one billion shares, which is what makes an implied valuation calculable at all: multiply the contract price by a billion and you have the figure the market is currently pricing. The table below does exactly that, live from Lighter's public API, and shows nothing it cannot source.
Every pre-IPO market and what its price implies
How the implied valuation is derived
There is one step and no estimation in it. Per Lighter's market specifications, each pre-IPO contract “tracks the value of one share of [Company], based on an assumed total share count of 1 billion shares.” So:
A contract trading at $1,000 implies a $1 trillion valuation. At $250 it implies $250 billion. The multiplication is fixed, so every move in the implied figure is a move in the contract price and nothing else.
What this number is, and what it is not
It is what traders on one venue are currently paying, converted through a share count Lighter assumed for the contract. It is not what OpenAI, Anthropic or SpaceX is worth, and it is not a forecast of what any of them will be worth. The billion-share figure is a convention chosen to make the contract quotable, not a real capitalisation table: none of these companies publishes a fully diluted share count, which is why Lighter's own settlement rule says prices are adjusted “once the number of fully diluted shares becomes clear.” Treat the column as a restatement of the price in more legible units, and read how pre-IPO perpetuals work on Lighter before you act on it. Nothing here is financial advice.
Methodology and sources
- Prices, 24h change, volume, open interest and market status come from Lighter's public API endpoint
/api/v1/orderBookDetails, fetched in your browser and refreshed every 60 seconds. Nothing is cached at build time. - Listing dates are the
created_attimestamp the same endpoint returns for each market. - Leverage caps are derived as
10000 / min_initial_margin_fractionfrom that endpoint, which is why OpenAI and Anthropic show 5x rather than the 50x available on BTC and ETH. - The share-count assumption is quoted from Lighter's market specifications page, linked above.
- Empty cells are deliberate. A market Lighter reports as inactive has no live trade price, so its price and valuation cells stay blank rather than showing a stale or inferred number.
Static figures on this page (listing dates, leverage caps, the share-count assumption) were verified against Lighter's docs and API on 28 July 2026. Lighter ships fast, so check the app before trading.
Frequently asked questions
How many pre-IPO markets does Lighter list?
Lighter lists three private-company perpetual markets: OpenAI, Anthropic and SpaceX. OpenAI and Anthropic are active; SpaceX currently reports as inactive on Lighter’s API, so it is not open for new positions. The table on this page reads the current state directly from Lighter’s public API.
How do you derive an implied valuation from a pre-IPO perp price?
Multiply the contract price by one billion. Lighter’s market specifications state that each pre-IPO contract tracks the value of one share of the company based on an assumed total share count of 1 billion shares, so the arithmetic is implied valuation = contract price x 1,000,000,000. The share count is Lighter’s assumption, not a real capitalisation table, so the result describes what the market is pricing rather than what the company is worth.
What leverage is available on Lighter pre-IPO markets?
The OpenAI and Anthropic markets cap at 5x, the lowest ceiling on Lighter, which corresponds to a 20% initial margin requirement. The SpaceX market is configured for 20x. All pre-IPO markets are isolated margin only, so a loss cannot reach the rest of your account.
What happens to a pre-IPO perp if the company goes public?
Lighter’s documentation says these markets settle after the IPO, or have their prices adjusted once the number of fully diluted shares becomes clear. Lighter announces changes at least one day before they take effect. There is no fixed settlement date, because the trigger is an external event on the company’s timetable rather than a contract expiry.
Trade pre-IPO perps on Lighter
OpenAI and Anthropic markets are live, zero-fee for standard accounts and isolated-margin only. Sign up with code LIGHTERPEDIA for a points boost toward the LIT airdrop. High risk, not financial advice.
Trade on Lighter