The first pre-IPO Pyth Indices are live.

Anthropic and OpenAI are now available on Pyth Terminal as indicative Pyth Indices. They can be viewed seven days a week, including weekends and traditional market holidays.

These are the first pre-IPO names on Pyth Indices. The timing makes the case better than any explanation could. Anthropic is preparing for a potential public listing, while OpenAI has said that it will not go public in 2026. Two companies of comparable scale and scrutiny are moving through different timelines, while market attention continues around the clock.

Pyth Indices give users a way to follow those changing signals before either company has a public-market price.

The gap between private markets and public markets

A listed company receives a new market price every time its shares trade. A private company is priced through financing rounds, secondary transactions, employee liquidity programs, and other negotiated events.

Those events can be informative, but they do not create one universally accepted price.

A financing round records a negotiated valuation for a particular security class at a specific point in time. A secondary-market transaction may involve a different share class, different rights, different restrictions, and a different level of liquidity. An employee equity mark may serve an internal purpose without representing a price available to other buyers.

Private-market platforms already publish estimates and transaction signals. Nasdaq Private Market describes its private-company estimates as being based on market activity, publicly sourced valuation data, and proprietary information. Forge states that its private-company marks may rely on limited inputs and are not necessarily the price at which a security can be bought or sold.

Between these points, information continues to arrive.

Companies raise capital. Products gain adoption. New partnerships are announced. Infrastructure spending changes. Regulation develops. Public-market plans move forward or get delayed.

The absence of a public listing does not mean the absence of market attention. It means that the available signals are fragmented, intermittent, and often difficult to compare.

Two companies moving through different pre-IPO timelines

Anthropic and OpenAI are among the most closely watched private companies in the global technology economy. Their latest financing and public-market developments illustrate why continuous pre-IPO data matters.

Anthropic announced a $65 billion Series H financing at a $965 billion post-money valuation in May 2026. The company also confidentially submitted a draft S-1 to the U.S. Securities and Exchange Commission in June, giving it the option to proceed with an IPO after regulatory review and subject to market conditions.

On September 13, Anthropic was reported to have selected Nasdaq for a potential listing, with October identified as a possible target. The listing has not yet created a public stock price, and the offer price and number of shares remain subject to the IPO process.

OpenAI closed a funding round with $122 billion in committed capital at an $852 billion post-money valuation in March 2026. The company confidentially submitted its own draft S-1 in June, while stating that it had not decided on timing and might remain private for longer.

On September 12, OpenAI CEO Sam Altman said that the company would not go public in 2026, citing the current environment around AI safety. Reuters reported the comments here.

These developments do not establish a public-market price for either company. They show how quickly private-market expectations can change while shares remain unavailable on a public exchange.

One company may be approaching a potential listing while another extends its private-market timeline. In both cases, analysts, applications, and market participants need a way to monitor the signals forming between private financing events and a future public listing.

What the Pyth Indices represent

The Anthropic and OpenAI indices are informational, indicative indicators derived from limited secondary-market and other third-party data.

They are designed to aggregate available signals into continuously updated, company-level indicators. The indices make private-market signals easier to follow across time, while preserving the distinction between an indicated value and a tradable security.

That distinction matters because private-market data is rarely uniform.

Underlying transactions may be limited in number or stale. They may refer to instruments with materially different rights and restrictions. The companies may have multiple security classes, transfer limitations, and negotiated terms that are not visible in a single company-level value.

A Pyth Index therefore should not be read as:

• A public stock price

• A financing-round valuation

• An appraisal or estimate of fair value

• The price at which a security can be bought or sold

• A prediction of a future IPO price

It is an indicator of available private-market signals, updated continuously for users who need to follow the market before a public listing exists.

Why 24/7 indices matter

Traditional market data follows the hours of traditional venues. Private companies do not.

Announcements, financing activity, product launches, customer adoption, policy developments, and investor expectations can change at any time. The market does not wait for an opening bell before forming an opinion about the next major AI company.

The broader financial system is also becoming more continuous. Exchanges and applications are creating markets that operate across time zones, weekends, and traditional market holidays. Those markets need data that can remain available when the underlying company does not yet trade on a public exchange.

Pyth Indices were built for this environment. The product line delivers proprietary, continuously updated indices across equities, commodities, metals, FX, futures, and thematic baskets.

The first products launched in June 2026 with coverage across U.S. equities, oil, metals, and multi-asset indices. Since then, the suite has expanded across additional companies, geographies, and asset types, including new U.S. equities, Samsung, and ETF-based indices.

Anthropic and OpenAI extend that coverage into companies whose economic importance is already global, even though their shares remain private.

From pre-IPO signals to public markets

An IPO is increasingly a process rather than a single moment.

Price discovery can begin with a private financing round. It can continue through secondary transactions, employee liquidity programs, and pre-IPO markets. A public listing then introduces an offer price and an opening auction. After that, the company can trade across exchanges, perpetual markets, tokenized products, and other financial venues.

Each stage produces a different kind of signal.

Pyth’s recent IPO coverage shows why the transition between these stages matters. Pyth delivered same-day feeds for Circle, Figma, and Cerebras Systems, followed by day-one coverage of SpaceX and ChangXin Memory Technologies.

The CXMT listing provided a clear example of the relationship between pre-IPO expectations and public-market data. Before the listing, TradeXYZ operated a pre-IPO market while CXMT’s public shares did not yet exist. Once the company began trading on the Shanghai STAR Market, a public-market reference point became available and Pyth published data from the opening trade.

The data requirement changes at each stage:

1. Private-market signals help users follow expectations before listing.

2. Pre-IPO markets make disagreement visible before the first public trade.

3. The opening auction creates the first public-market price.

4. Continuous feeds allow applications and venues to follow the asset after listing.

5. Corporate actions, market-session changes, and new trading venues become part of the asset’s ongoing data lifecycle.

Anthropic and OpenAI are now at the first stage of that process. Their Pyth Indices give users a way to monitor market signals around the companies while the public-market phase remains uncertain.

Access Anthropic and OpenAI on Pyth

Anthropic and OpenAI are available today through Pyth Indices, a dedicated product line with its own commercial terms, separate from Pyth Pro.

Explore the feeds on Pyth Terminal:

• Anthropic — Pyth.Index.ANTHROPIC/USD

• OpenAI — Pyth.Index.OPENAI/USD

Both indices are available to monitor seven days a week, including weekends and traditional market holidays.

Institutional buyers, exchanges, asset managers, fund issuers, and applications can request access to existing indices or discuss a custom index.

Disclosure

These feeds are informational, indicative indicators derived from limited secondary-market and other third-party data regarding a privately held company. They are not market prices, valuations, appraisals, or estimates of the fair value of any security, and do not represent a price at which any security can be bought or sold.

Securities of the referenced companies are not listed on any exchange, trade infrequently in privately negotiated transactions, and are subject to significant transfer restrictions. As a result, these feeds may be based on few or stale data points and may differ materially from the companies’ actual value, their most recent financing valuation, or the price of any future public offering.

Values shown may relate to instruments with materially different rights and restrictions, and any single indicated value masks wide dispersion in contemporaneous private-market pricing. The referenced companies have not provided, reviewed, or endorsed any input to these feeds and are not affiliated with their publisher.

Nothing herein is an offer, solicitation, recommendation, or investment advice, and no person should transact, or expect to be able to transact, at or near any value shown.