Crypto exchange OKX is preparing to launch perpetual futures contracts that track the valuations of high-profile private companies including OpenAI, SpaceX, and Anthropic, the firm said Wednesday.
The perpetual futures will allow traders to speculate on private company valuations through derivatives that settle without delivering actual shares, according to the announcement.
The contracts track reference prices linked to secondary market activity, but grant no equity ownership or traditional shareholder benefits like voting rights or dividends. No timeline was announced for OKX’s offering.
The initial target companies span the tech sector's most valuable private firms. ChatGPT maker OpenAI and Claude developer Anthropic are the two biggest privately held giants leading the AI industry, while Elon Musk’s space exploration company SpaceX is gearing up for an impending IPO—and the firm recently merged with Musk’s own AI startup, xAI.
The move positions OKX among a wave of crypto platforms chasing pre-IPO market exposure. Bitget entered the segment in April through its "IPO Prime" platform, while Injective launched pre-IPO perpetual futures last year.
Not all target companies welcome the attention. When Robinhood pursued a related model last year with OpenAI-linked tokens backed by a special purpose vehicle holding secondary shares, OpenAI distanced itself from the product and said it had no affiliation.
Robinhood recently found another way to give retail investors exposure to the AI giant, with its Robinhood Ventures fund investing $75 million into the startup. Retail investors can buy shares in the fund to gain exposure to that investment and others in private tech firms. Also, AngelList recently launched its USVC fund that similarly lets retail investors get exposure to OpenAI, Anthropic, and xAI, starting at $500.
Alongside revealing plans for pre-IPO perps, OKX also announced tokenized stock trading on its platform via a link-up with Ondo Finance, as well as new equity perps for trading.
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