ThinkMarkets made two synthetic markets available on ThinkTrader and MetaTrader 5 on 23 October: ANTH_PRE for Anthropic and OAI_PRE for OpenAI. Neither instrument transfers a private-company share, subscribes for stock in an eventual flotation or gives a vote. The broker describes them as cash-settled contracts for difference whose quoted level represents an expectation for a company’s market capitalisation at the close of its first day of public trading.[1][2]
This is a different exposure from the private secondary market. There is no public share-price feed for the underlying companies before listing, and the pricing mechanism therefore depends on a synthetic valuation quote. The issuer’s own help page explicitly warns that such a quote is not a guarantee of an eventual IPO price. Eligible countries and the contracting ThinkMarkets entity also determine whether a client can access either instrument.[3]
A material terms discrepancy
The 23 October launch announcement states 1:10 leverage and 10% margin. A detailed guide dated 23 September instead specifies 1:5 leverage and 20% margin for the same tickers. Both pages remained accessible with those figures at review on 29 October. They may reflect different terms or an outdated page, but neither explains the discrepancy. Clients need the specification applicable to their account and contracting entity.[1][2]
The broker’s published terms, not a composite quote
| Term | 23 October announcement | 23 September guide |
|---|---|---|
| Margin | 10% / 1:10 | 20% / 1:5Source 1Source 2 |
| Reference | First-day closing market capitalisation | Same closing-capitalisation basisSource 1Source 2 |
| Weekend access | Marketed as 24/7 | One-hour Saturday maintenanceSource 1Source 2 |
| Financing | Overnight swaps apply | Swaps apply and are not refundedSource 1Source 2 |
As a purely illustrative calculation, 10% margin on $10,000 of notional exposure is $1,000; at 20%, it is $2,000. This does not translate the platform’s valuation points into an actual contract-size quote. The calculation shows why the discrepancy is material; it is not a claimed cost of trading one lot.[1][2]
What happens when the listing does not happen
The detailed guide states an expiry of 20 September 2028. If there is no listing by then, positions still open at expiry settle at their entry price, while accumulated swap charges remain due. On a listing, the pre-IPO derivative settles in cash and does not migrate into a share CFD. Investors expecting long-term ownership therefore face a distinct structure, including the possibility of financing costs without participation in any subsequent listed share price.[2][3]
The launch page advertises rewards for qualifying trades, including a non-withdrawable credit. Those conditional incentives are separate from the contract’s margin and financing terms.[1]
Sources & further reading
- Before the bell: Anthropic and OpenAI pre-IPO markets are live ThinkMarkets · 23 Oct 2026 · Accessed 29 Oct 2026
- How to trade Anthropic and OpenAI pre-IPO ThinkMarkets Academy · 23 Sep 2026 · Accessed 29 Oct 2026
- Platforms and tools: pre-IPO instrument questions ThinkMarkets Help Centre · Accessed 29 Oct 2026