Crypto exchange OKX is gearing up to introduce perpetual futures contracts that will track the valuations of renowned private companies, including OpenAI, SpaceX, and Anthropic. The announcement, made on Wednesday, indicates that these contracts will enable traders to speculate on the valuations of these private entities through derivatives that do not involve the delivery of actual company shares.
The perpetual futures contracts will be linked to reference prices derived from secondary market activities. However, it’s essential to note that these contracts do not confer any equity ownership or the typical shareholder benefits, such as voting rights or dividends. So far, OKX has not disclosed a specific timeline for the launch of this offering.
The targeted companies represent some of the most valuable private firms in the technology sector. OpenAI, the developer of ChatGPT, and Anthropic, known for creating the Claude AI model, stand out as significant players in the burgeoning AI industry. Similarly, SpaceX, led by Elon Musk, is preparing for an initial public offering (IPO) and has recently merged with Musk’s AI venture, xAI.
This initiative by OKX places the exchange at the forefront of a growing trend among crypto platforms aiming to tap into pre-IPO market opportunities. Notably, Bitget ventured into this space earlier in April with its “IPO Prime” platform, while Injective introduced pre-IPO perpetual futures last year.
However, not all companies involved in the private equity market are receptive to this kind of speculation. A previous effort by Robinhood to create a related product featuring OpenAI-linked tokens backed by a special purpose vehicle drew criticism from OpenAI, which distanced itself from the initiative and clarified that it had no official ties to it.
In a related vein, Robinhood has recently devised a new approach for retail investors to engage with AI companies. Through its Robinhood Ventures fund, the platform is investing $75 million in OpenAI, allowing retail investors the opportunity to purchase shares in the fund to gain exposure to this investment and others in the tech sector.
Furthermore, AngelList has introduced its own USVC fund, which permits retail investors to gain exposure to OpenAI, Anthropic, and xAI for a minimum investment of $500.
In addition to its plans for pre-IPO perpetual futures, OKX also announced a collaboration with Ondo Finance for tokenized stock trading on its platform, alongside the launch of new equity perpetual contracts for trading. This suggests a broadening of investment paths within the cryptocurrency landscape and an increased interest in the valuations of high-profile private technology firms.
