Crypto exchange MNX has launched futures contracts that let traders speculate on the private valuations of OpenAI, Anthropic and DeepSeek. This gives retail traders a new way to bet on AI company worth before any public listing, a market previously dominated by established exchanges OKX and BitGet.
What actually happened
According to CoinDesk, a new crypto exchange called MNX is offering futures contracts tied to the private valuations of OpenAI, Anthropic and DeepSeek. The report describes this as 'a different way to trade the future valuations of private AI companies'. This positions MNX directly against established rivals OKX and BitGet, both of which already list similar pre-IPO futures products covering the same companies. The report does not disclose a launch date, trading volume figures, contract specifications, fee structure, or the methodology MNX uses to calculate reference valuations. It also does not name which regulatory jurisdictions oversee these contracts, or whether MNX holds any licenses.
How we got here
Pre-IPO futures for private AI companies are a growing niche within crypto derivatives trading. OKX and BitGet already list contracts referencing the same companies, letting traders take positions without holding actual equity in OpenAI, Anthropic or DeepSeek. These products have emerged as retail interest in AI company growth has outpaced public access to private funding rounds, which typically remain limited to venture firms and accredited investors. MNX's entry adds a third major platform to this niche, intensifying competition among crypto exchanges seeking exposure to AI valuation speculation before any of these companies pursue a public listing.
Why this matters for you
For traders, MNX's launch adds another venue for speculating on AI company valuations without needing accredited investor status required for private funding rounds. For OKX and BitGet, a new competitor could pressure trading fees or push both platforms toward new product features. For OpenAI, Anthropic and DeepSeek, these derivative markets exist entirely outside their control, since none of the three companies are reported to have authorized or partnered with any exchange on these products. Builders tracking AI powered hardware, including AR and smart glasses makers, should note that valuation speculation is increasingly tradable years before any public listing, a dynamic that could extend to hardware startups next.
The bigger question
If private companies never consented to having futures markets built on their valuations, who bears responsibility when prices diverge sharply from reality: the exchange, the traders, or no one at all? As more crypto platforms create synthetic markets for companies that have not gone public, the line between legitimate price discovery and unregulated speculation grows harder to define. That question will likely outlast any single exchange, including MNX, OKX or BitGet.
What to watch
No confirmed dates for MNX's full product rollout, trading volumes, or regulatory filings were available at publication. Watch for any response from OKX or BitGet, and whether OpenAI, Anthropic or DeepSeek issue statements on unauthorized valuation trading. Bonuz will continue tracking how pre-IPO futures markets intersect with AI hardware development, including AR and smart glasses projects, as the sector evolves.
