Crypto exchange OKX has unveiled plans to launch perpetual futures contracts linked to the valuations of prominent private companies such as OpenAI, SpaceX, and Anthropic. This initiative aims to enable traders to speculate on the valuations of these high-profile entities without the necessity of holding actual equity shares.
According to an announcement made by the firm, these perpetual futures will track reference prices derived from secondary market activities. However, it’s important to note that they will not provide any equity ownership or traditional shareholder rights, including voting privileges or dividend distributions. While specific timelines for the roll-out of these contracts remain undisclosed, the move is reflective of OKX’s strategic positioning within a growing trend for crypto exchanges to offer pre-IPO exposure.
OKX joins the ranks of platforms like Bitget and Injective, which have already ventured into this space. Bitget introduced its “IPO Prime” platform in April, while Injective launched its own pre-IPO perpetual futures offerings last year. The market for pre-IPO assets is gaining traction, particularly as interest in high-profile technology firms has surged.
Companies such as OpenAI and Anthropic are at the forefront of the AI revolution, being two of the largest privately held entities focused on artificial intelligence. Moreover, Musk’s SpaceX is gearing up for a potential IPO, further adding to its prominence. Recently, SpaceX has also merged with Musk’s AI startup, xAI, underscoring the dynamic intersections in the technology sector.
However, not all target companies are embracing these speculative avenues. Last year, when Robinhood attempted to introduce tokens linked to OpenAI through a special purpose vehicle holding secondary shares, OpenAI took steps to distance itself from that initiative, asserting that it had no affiliation with the offering. In a different approach, Robinhood has since launched its Robinhood Ventures fund, committing $75 million to invest in OpenAI, thus providing retail investors a route to gain exposure by purchasing shares in the fund.
Moreover, other platforms like AngelList have started offering similar opportunities, allowing retail investors to engage with investments in OpenAI, Anthropic, and xAI starting at a minimum of $500 through their USVC fund.
In conjunction with the perpetual futures plans, OKX also announced a collaboration with Ondo Finance to enable tokenized stock trading on its platform, alongside the introduction of new equity perpetual contracts. This multifaceted approach highlights OKX’s ambition to expand its offerings amid an evolving landscape of financial instruments in the cryptocurrency sector.
