A pre-IPO CFD lets you take a position on a company's expected listing price before the shares go public on a stock exchange. You're trading on the price only, so you don't own any shares, and no shares change hands.
No. Because this is a CFD, you don't buy or sell shares in the company and you don't take part in the IPO itself.
You can trade pre-IPO CFDs on two companies: Anthropic, the company behind Claude, and OpenAI, the company behind ChatGPT. We may add more companies in the future.
All clients can trade pre-IPO CFDs.
Before a company lists, there's no stock exchange price. Our price comes from a pre-listing market instead, and we apply our spread on top. The spread is variable.
Pre-listing markets can value the same company very differently, so you may see different prices elsewhere. The price on the day the company lists can also be very different from the pre-IPO price.
Your position carries over to the listed CFD on the same instrument and stays open, unless it has to be closed for margin reasons. Your entry price, stops, limits and pending orders carry over, unless a share-count change before listing adjusted them (see the next question).
Trading may pause briefly at listing. After that, the price follows the listed share and the usual share CFD conditions apply. We don’t adjust for any gap between the pre-IPO and listed price, so any difference shows up in your profit or loss.
Before a company lists, the pre-listing market may rebase its price, for example when the company publishes its actual share count. If that happens, we adjust your position as a corporate action. Your position size and price change by the same ratio, so the value of your position stays the same.
Yes. If you have an open position or a pending order, we'll send you a notification once the company has listed.
We may extend the cut-off date. If we do, we'll let you know.
We'll close any open positions at the market price at that time and cancel your pending orders. Any margin reserved for those positions is released. Positions you've already closed aren't affected.
The same types of costs apply as for our other CFDs: primarily, a spread and overnight fees (currency conversion and GSL fees apply under relevant circumstances as well). Before listing, both can be higher than for listed shares. After listing, the usual share CFD costs apply.
Yes. Pre-IPO CFDs have a maximum position size per client, which may be lower than for listed shares and can change. If you reach it, orders that would increase your position are rejected, but you can always reduce or close it.
Yes. If the pre-listing price becomes unavailable or out of date, we'll pause trading in that company until a reliable price is back.
Before you place your first pre-IPO trade, we'll ask you to confirm that you understand how pre-IPO CFDs work. You only need to do this once per trading account.
You can trade pre-IPO CFDs in the Capital.com mobile and web app.