Crypto exchange MNX is now offering pre-IPO futures tied to private AI companies, giving traders a way to speculate on the future valuations of firms like OpenAI, Anthropic, and DeepSeek. The product marks MNX's first real push into the pre-IPO derivatives space, and it's aimed squarely at rivals OKX and BitGet, which have been expanding their own listed offerings.
How the pre-IPO futures work
The contracts track the anticipated public-market valuation of each AI company. Traders can take long or short positions without waiting for an actual IPO. MNX hasn't disclosed the exact settlement mechanism or which valuation benchmarks it uses. What's clear is that the exchange is treating private AI valuations as a tradable asset class — something that's been mostly the domain of venture capital and secondary markets until now.
Pre-IPO futures aren't new in crypto. Exchanges have listed similar products for other high-profile private companies in the past, but the focus on AI giants is a first for MNX. The timing lines up with the current hype cycle around large language models and the companies building them. OpenAI, Anthropic, and DeepSeek are all private, and their valuations have been a topic of intense speculation among investors who can't get direct exposure.
Why MNX is going after OKX and BitGet
MNX is positioning itself as a direct competitor to OKX and BitGet, both of which have been aggressive in listing novel derivatives products. OKX has built a reputation for launching futures on everything from meme coins to pre-IPO equities, while BitGet has carved out a niche with copy trading and similar retail-focused tools. By adding AI pre-IPO futures, MNX is trying to differentiate on the underlying assets rather than just the contract structure.
The competition isn't just about who lists first. It's about liquidity and trust. Pre-IPO futures are inherently risky because the underlying companies aren't public, and their valuations can swing wildly based on funding rounds, news cycles, or regulatory shifts. MNX will need to convince traders that its pricing oracles and settlement rules are robust enough to handle those swings. The exchange hasn't said how it plans to source valuation data or what happens if one of the companies delays its IPO indefinitely.
The regulatory gray area
Offering futures on private companies sits in a murky regulatory zone in most jurisdictions. MNX hasn't said which regulators it has consulted or whether the product is available to users in all regions. The exchange also hasn't clarified whether the contracts are cash-settled or physically settled, which matters for tax and compliance purposes. For now, the product appears to be live, but the lack of detail suggests it's aimed at sophisticated traders who understand the risks.
What happens next depends on how traders respond. If volume picks up, expect other exchanges to follow with their own AI pre-IPO futures. If it flops, MNX might quietly delist the contracts. Either way, the move signals that crypto exchanges are increasingly willing to blur the line between public and private markets — and that AI companies are the latest battleground.
