OKX has introduced pre-IPO perpetual futures contracts linked to OpenAI and Anthropic for eligible traders in Europe. The products, announced on September 10, 2026, allow long or short positions on the implied valuations of the two private artificial intelligence companies with leverage of up to 10 times.

Participants gain exposure to potential valuation changes without receiving any ownership stake, shares, voting rights, or economic claim against either firm. The contracts settle as derivatives that track an index maintained by the platform rather than actual equity.

Details of the Pre-IPO Contracts

Traders can open or close positions at any time. The exchange stated that each market launches with liquidity designed to support larger trades, and additional pre-IPO contracts may follow as opportunities arise. Prices on these instruments can diverge from valuations set in private funding rounds or from any eventual initial public offering price. An IPO for either company could be delayed, canceled, or never occur, according to product disclosures.

OKX Europe CEO Erald Ghoos noted that traditional brokerages and regulated platforms have generally left pre-IPO markets out of reach for most European traders. He tied the rollout to rising demand for the exchange’s derivatives after the Markets in Crypto-Assets (MiCA) transition period ended in July.

The move places OKX alongside other platforms that already offer similar private-company products. Hyperliquid provides markets tied to OpenAI and Anthropic, while Binance lists pre-IPO perpetual contracts for both firms.

Tokenized Stocks and ETFs Added

In parallel, OKX opened 100 tokenized stock and exchange-traded fund markets. The initial selection includes instruments linked to Nvidia, Alphabet (Google),Palantir, SpaceX, and major ETFs such as SPY and QQQ.

These tokens trade continuously, including outside traditional market hours, and support order types such as limit, market, stop, time-weighted average price, and Iceberg. Eligible tokenized positions can serve as collateral for the new X-Perps. Supported tokens may also be withdrawn to external self-custody wallets.

Holders receive price exposure only. The instruments confer no direct ownership of the underlying shares, no voting rights, and no shareholder privileges. Company names on the products do not indicate any partnership or endorsement by the referenced firms.

Context Around Anthropic Valuation

One source noted that Anthropic confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission on June 1, 2026, following a Series H funding round that valued the company at $965 billion. No share count, pricing, or confirmed listing date has been set, though some reports have pointed to a possible October 2026 target that remains unverified.

The contracts reference implied valuations rather than confirmed equity data. Until official share counts are available, pricing is structured around a fractional portion of the estimated market capitalization.

Risk Disclosures and Scope

OKX has warned that leveraged positions can result in the loss of part or all of the funds committed. The products are available only to eligible European customers and are offered through the platform’s New Money App alongside existing crypto spot, perpetual, bot-trading, and other services.

The launch expands access to both private-company valuation speculation and continuous equity-linked trading within a single regulated European account structure. American investors remain outside the current rollout.