MNX Launches Pre-IPO AI Futures as It Challenges OKX and Bitget

Preface

Private artificial intelligence companies have attracted enormous investment, yet their shares are difficult to trade and value because transactions are infrequent and access is limited. MNX, a cryptocurrency exchange developed by Manifold Markets, aims to give traders another way to express views on the valuations of companies such as OpenAI and Anthropic. The platform launched futures tied to several private AI firms, entering a market where larger exchanges, including OKX and Bitget, already offer related products. MNX distinguishes its contracts through fixed expiration dates and the absence of recurring funding fees. However, these products do not provide ownership of private-company shares, and their prices and settlement values may not match the prices available in private transactions. This article explains how MNX’s contracts work, how they compare with existing offerings, and what risks and plans shape the exchange’s approach.

Lazy bag

MNX offers futures tied to OpenAI, Anthropic, DeepSeek and Moonshot, with contracts expiring at the end of 2027 and no recurring funding fees. The exchange says these terms may better suit private companies whose shares trade infrequently. Traders can use up to three times their available funds, magnifying both gains and losses. Prices come from trading on MNX, while settlement may rely on public valuation information or, as a last resort, an exchange determination. These contracts are speculative instruments, not private-share ownership, and settlement values may differ from real transaction prices. MNX does not currently serve U.S. customers and plans to broaden its markets across the AI economy.

Main Body

A market for private AI valuations

MNX is a new cryptocurrency exchange developed by Manifold Markets. It went live on Tuesday with futures contracts linked to the valuations of OpenAI, Anthropic, DeepSeek and Moonshot. The products let traders take positions on how they believe these private companies may be valued, without buying or holding their shares. They are therefore bets on valuation movements rather than direct investments in the companies themselves.

The exchange is built on the MegaETH blockchain and raised $6.4 million from investors led by Village Global in June. Its launch comes as interest in AI businesses and the capital flowing into the sector have grown sharply. At the same time, private-company shares are not traded as continuously as publicly listed stocks, leaving traders with fewer direct opportunities to establish or exit positions.

MNX is not alone in offering exposure to private AI companies through crypto-based contracts. Major exchanges OKX and Bitget already list products that allow traders to bet on company values without owning shares. The competitive distinction MNX emphasizes is its contract structure: its futures have an expiration date at the end of 2027 and do not incur recurring funding fees.

How the contracts differ

Bitget offers perpetual futures, which do not expire. These contracts use recurring funding payments as part of their market mechanism. OKX also offers contracts without expiration dates, but uses a different funding mechanism. In contrast, MNX’s contracts are fixed-term instruments, with their stated expiration at the end of 2027 and no recurring funding fees.

These differences affect how a trader experiences a position. A perpetual contract can remain open indefinitely, subject to the exchange’s rules and funding mechanics. A dated contract instead requires the position to reach an expiration point, when its final value must be determined under the platform’s settlement rules. The absence of recurring funding fees removes one ongoing cost, but it does not eliminate other risks, including changes in the contract price, leverage-related losses or uncertainty about the final settlement value.

Village Global has framed its investment in MNX around the belief that financial markets have not yet adapted to the large flow of capital into AI. Max Killberg of Village Global said that AI is driving one of the largest investment cycles in history while the financial infrastructure around it remains underdeveloped. He described the opportunity as developing financial markets around AI, rather than simply backing another prediction market.

The challenge of pricing private companies

Manifold Markets co-founder Stephen Gruggett has argued that MNX’s approach is better suited to private companies such as OpenAI and Anthropic because their shares trade infrequently and are difficult to price. A contract that relies on an old or illiquid reference price may fail to track the market as traders expect. Gruggett said that perpetual futures tied to illiquid, stale prices can be easy to manipulate and may carry high, unpredictable funding rates.

MNX instead determines prices through trading activity on its own exchange, rather than relying on an external price feed. This means the contract price reflects buying and selling by MNX participants. It also means that the price is not necessarily a verified, continuously available price for shares in the underlying private company. A futures price can reflect traders’ expectations, liquidity and positioning, rather than a completed transaction in the company’s equity.

The distinction matters because private-company shares may change hands only occasionally and under specific conditions. A recent funding round, a secondary-market transaction or a valuation reported by an investment fund can offer useful information, but none necessarily represents a universally available price. The value a trader sees on MNX may therefore differ from what a buyer would pay to acquire shares in a private transaction.

Expiration, settlement and leverage

If a company remains private when an MNX contract expires, the exchange says it will use publicly available valuation information from funding rounds, investment funds or secondary markets to determine settlement. As a last resort, MNX may determine the settlement price itself, subject to a published review process. The source description refers to a published review process; it does not provide further detail about its procedures.

This framework creates a potential gap between the settlement value of a futures contract and the price an investor might actually pay for private shares. A valuation drawn from a funding round or secondary market may reflect a particular transaction, timing or set of conditions. The settlement process converts that information into a final contract value, but does not make the futures contract equivalent to owning an interest in the company.

Traders can use up to three times their available funds on MNX. Leverage can increase the size of a position relative to the trader’s funds, amplifying potential profits as well as losses. If the market moves against a position, losses can accumulate more quickly than they would without leverage. The ability to use leverage is consequently a significant feature of the product, not a guarantee of improved returns.

Availability and possible expansion

MNX does not currently serve U.S. customers. Gruggett said the exchange plans to obtain the necessary licenses, but the source does not specify a timetable or describe which licenses it would seek. The current restriction is relevant to prospective users because product availability depends on location and regulatory status.

The exchange also aims to expand beyond futures tied directly to private AI company valuations. Its stated areas of interest include company revenue, employment, housing, the AI supply chain and computing capacity. Such markets could offer ways to speculate on the broader economic effects of AI, rather than only on the valuations of a small group of private firms. The plans are an expansion ambition; the source does not say that these additional markets are already available.

A wider investment backdrop

The launch takes place amid substantial spending on AI infrastructure, although exposure to the boom is concentrated in a handful of technology companies. According to Bitcoin Suisse’s Crypto Wealth Management Report 2026, the largest U.S. hyperscalers are expected to spend at least $800 billion this year and more than $1 trillion the next. This reported spending outlook helps explain the interest in financial products connected to AI, but does not establish the future performance or value of any individual company or MNX contract.

Overall, MNX is entering an emerging segment with a structure designed around the challenges of illiquid private-company shares. Its dated contracts and lack of recurring funding fees distinguish its offering from perpetual products, while its leverage and settlement rules introduce material risks. Traders considering such contracts need to distinguish a market price on the exchange from the value of actual private shares, and to understand that settlement may depend on public valuation information or an exchange determination.

Key Insights Table