OKX said it is preparing to launch perpetual futures tied to private companies, including OpenAI, SpaceX, and Anthropic, stepping deeper into the growing crypto trade built around pre-IPO speculation. The exchange disclosed the plan in a blog post published on Wednesday.
The contracts are designed to give traders synthetic price exposure to private companies ahead of potential public listings. They do not represent actual shares, and they do not grant shareholder rights. Traders would be taking a view on price movements, not buying equity in the companies themselves.
Crypto venues are broadening pre-IPO products
OKX is entering a segment that already has several crypto competitors. In April, Bitget launched “IPO Prime,” listing a SpaceX-linked token on Solana issued through investment platform Republic. Earlier, Injective rolled out pre-IPO perpetual futures tied to OpenAI, Anthropic, SpaceX, and Perplexity, describing the products as a way to bring the $13 trillion private capital market directly on-chain.
The move also reflects a broader shift across crypto exchanges. Platforms that once centered mainly on bitcoin and ether trading are now adding stock-linked products, prediction markets, and real-world assets as they look for new sources of trading activity. Product expansion has become a key area of competition.
Robinhood tested a different model last year
Robinhood explored a similar idea last year, but used a different structure. Its fintech platform offered tokens linked to OpenAI that were backed by a special purpose vehicle holding shares bought on the secondary market, rather than direct stock ownership for users.
OpenAI publicly distanced itself from that product at the time and said any transfer of actual company shares would require its approval. That response highlighted a core distinction in this market: instruments that track private-company prices can be marketed and traded, but they are not the same as owning the underlying equity.