Nikolas Sargeant
TL;DR
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OKX launched European pre-IPO perpetual futures linked to OpenAI and Anthropic.
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Traders can take long or short positions using leverage of up to 10 times.
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OKX is also offering round-the-clock trading in 100 tokenized stocks and ETFs.
Cryptocurrency exchange OKX has introduced European markets linked to OpenAI and Anthropic, giving traders a way to speculate on the valuations of two major, closely watched private artificial intelligence companies.
OKX said Thursday that it had launched pre-initial public offering perpetual futures for both firms. The products allow traders to take long or short positions with leverage of up to 10 times.
Real-world markets just went live in Europe.
— OKX (@okx) September 10, 2026
We’re launching pre-IPO access to companies like OpenAI and Anthropic, alongside tokenized stocks available 24/7 from one account.
Trade it all on the New Money App.
However, the contracts do not provide ownership in OpenAI or Anthropic and are not equivalent to buying shares in either company.
Traders Can Bet on OpenAI and Anthropic Valuations
OKX’s pre-IPO perpetual futures track changes in the implied valuations of OpenAI and Anthropic.
Traders who expect a company’s valuation to rise can open long positions, while those anticipating a decline can go short. Leverage of up to 10 times allows participants to increase their exposure, but it also magnifies potential losses and liquidation risks.
Unlike conventional futures, perpetual contracts have no fixed expiration date. Traders can keep positions open as long as they meet applicable margin and funding requirements.
Participating in OKX’s pre-IPO markets does not give traders shares, voting rights, or any other ownership interest in OpenAI or Anthropic.
The contracts provide price exposure only, meaning their value is tied to perceptions of how the companies’ valuations may change.
This distinction is important because pre-IPO perpetuals are derivatives rather than substitutes for privately held shares. Their prices may also diverge from valuations established through formal funding rounds or secondary-market transactions.
Private AI Companies Attract Investor Interest
The launch reflects growing demand for exposure to major technology companies that have remained outside public stock markets.
Retail investors usually have limited opportunities to invest directly in companies such as OpenAI and Anthropic before an IPO. Private shares typically change hands through funding rounds or specialized secondary markets that may restrict participation to institutions and accredited investors.
Pre-IPO derivatives lower the access barrier to valuation speculation, but they introduce significant risks related to leverage, liquidity, and price discovery.
OKX is not the first exchange to offer perpetual contracts linked to private AI companies.
Hyperliquid provides markets associated with OpenAI and Anthropic through its HIP-3 framework, while Binance also lists pre-IPO perpetual contracts tied to both companies.
The growing number of offerings indicates increasing competition among crypto exchanges seeking to expand beyond conventional digital-asset trading.
Alongside its pre-IPO products, OKX is expanding its tokenized-equities business. The exchange is making 100 stocks and exchange-traded funds available for round-the-clock trading. The selection includes products tracking Nvidia, Google, and Palantir shares, as well as the SPY and QQQ ETFs.
These tokens follow the prices of their underlying securities but do not give holders actual shares or voting rights. Some of the assets can be withdrawn from OKX and stored in self-custody wallets.
European Derivatives Volume Quadruples
OKX Europe CEO Erald Ghoos said demand for the exchange’s derivatives products has been increasing.
According to OKX, European trading volume across its X-Perps products has quadrupled since the transition period under the Markets in Crypto-Assets regulation ended in July.
The expansion into private-company futures and tokenized securities suggests OKX is positioning derivatives and real-world assets as significant parts of its European growth strategy.
