OKX to launch perpetual futures on OpenAI, SpaceX, Anthropic

OKX announced plans to offer perpetual futures contracts linked to the private valuations of OpenAI, SpaceX and Anthropic. The exchange described the products as derivatives that let traders take positions on reference prices without delivering underlying shares.

Perpetual futures allow continuous trading against a price reference and do not have a fixed expiry. OKX said the new contracts will use reference prices derived from secondary-market activity in private-company shares and will not grant equity ownership, voting rights or dividend claims. No launch date was provided.

The initial lineup targets OpenAI and Anthropic, two leading generative-AI developers, and SpaceX, the aerospace company preparing for an expected initial public offering. SpaceX has recently integrated Elon Musk’s xAI, creating closer links between private AI ventures and the space firm.

The product will join other crypto platforms that offer pre-IPO exposure via derivatives. Bitget introduced an “IPO Prime” service earlier this year and Injective launched pre-IPO perpetual futures last year, allowing traders to speculate on private-company price movements without acquiring shares.

Alongside the perpetual futures announcement, OKX said it will add tokenized stock trading through a partnership with Ondo Finance and will introduce additional equity perpetuals on its platform. Tokenized stocks in these arrangements are synthetic tokens issued by third parties that represent legal claims on underlying assets, according to the exchange.

Some private companies have pushed back on third-party trading tied to their shares. When a retail platform pursued tokens linked to OpenAI last year, OpenAI stated it had no affiliation with that offering. The episode raised questions about secondary-market pricing, disclosure and the relationship between private firms and external trading products.

Other channels give retail investors exposure to private tech firms. An AngelList product called USVC offers U.S. investors access to stakes in companies including OpenAI, Anthropic and xAI with a minimum of $500. Robinhood has used a fund vehicle to back a stake in OpenAI, providing another indirect route for nonaccredited investors.

OKX did not provide regulatory commentary or full details on how the contracts will be priced and settled beyond the reference-price description. The exchange said traders will be able to take positions tied to valuations reflected in secondary-market activity while the contracts themselves will not transfer share ownership or shareholder rights.