On Wednesday, the crypto exchange OKX announced plans to introduce perpetual futures contracts that will track the valuations of several high-profile private companies, including OpenAI, SpaceX, and Anthropic. These new derivatives allow traders to speculate on the values of these firms without requiring the delivery of actual shares upon settlement, as stated in the announcement.
The reference prices for these contracts are based on secondary market activities but do not confer any equity ownership or traditional shareholder benefits such as voting rights or dividends. The timing for OKX’s offering has yet to be disclosed.
Targeting some of the most valuable private tech companies, the initial list includes OpenAI, known for its ChatGPT, and Anthropic, which developed Claude, both leading figures in the AI industry. SpaceX, led by Elon Musk and preparing for an upcoming IPO, is also on the list after merging with Musk’s AI startup, xAI.
This initiative aligns OKX with other crypto platforms seeking pre-IPO market exposure. For instance, Bitget entered this space last April through its ‘IPO Prime’ platform, while Injective introduced similar products a year ago.
However, not all companies are receptive to such attention. OpenAI previously distanced itself from Robinhood’s attempt at creating OpenAI-linked tokens backed by secondary shares held in a special purpose vehicle. Despite this, Robinhood has since found another method to give retail investors exposure to OpenAI through its Robinhood Ventures fund, which invested $75 million into the startup. Investors can buy into the fund to gain access to that and other private tech investments. Similarly, AngelList launched its USVC fund that allows retail investors to invest in OpenAI, Anthropic, and xAI starting at $500.
In addition to launching pre-IPO perpetual futures, OKX also announced the introduction of tokenized stock trading on its platform through a partnership with Ondo Finance, along with new equity perpetual contracts.