The AI boom has been one of the defining stories of modern markets, but most investors have not had a direct way to trade the companies driving it. OpenAI, Anthropic and DeepSeek are among the most talked-about names in artificial intelligence, yet they remain private, meaning their valuations are shaped by funding rounds, media reports, and speculation rather than a clean public stock price. That gap has created a niche, and crypto exchange MNX is now moving into it with what it describes as pre-IPO futures on AI giants.
The move positions MNX against established rivals such as OKX and Bitget, both of which have been expanding their product lines beyond basic crypto trading. By offering exposure to the future valuations of private AI companies, MNX is trying to tap into one of the hottest corners of the market: the intersection of crypto, derivatives, and AI.
What MNX Is Offering
At its core, MNX is proposing a way for traders to speculate on where the valuations of private AI companies may go. Instead of waiting for an eventual public offering, traders can take a position on a company’s future worth. In practical terms, this sounds similar to a futures contract, but with a twist: the underlying asset is not a listed stock, but a private company whose valuation is not publicly traded in a conventional exchange.
The companies included in the offering, according to the description, include OpenAI, Anthropic and DeepSeek. These are not minor names. They sit at the center of the current AI race, and their valuations have become symbolic of the broader market’s belief in the technology. For that reason, even a speculative product tied to their future worth can attract serious attention.
Why This Matters for Crypto Exchanges
Crypto exchanges have long been associated with volatile digital assets, but the industry has increasingly moved toward becoming broader financial platforms. Exchanges are adding derivatives, tokenized assets, prediction markets, and other products that may feel more familiar to traditional investors. In that context, MNX’s pre-IPO futures are not just a crypto product; they are a play for mainstream speculative demand.
That is why the competition with OKX and Bitget is worth noting. Both exchanges have large user bases and deep liquidity, and both have been working to expand beyond simple spot trading. If MNX can create a liquid, trusted market around private AI valuations, it could carve out a distinctive niche. On the other hand, if the product lacks depth or faces regulatory friction, it may remain a curiosity rather than a lasting competitor.
The appeal of trading private AI valuations
The appeal is obvious. AI is one of the most talked-about investment themes of the decade, but access to the leading private players has been limited. Public markets offer indirect exposure through suppliers, cloud providers, and AI-related stocks, but not direct exposure to the companies themselves. A pre-IPO futures market could give traders a more direct, though still speculative, way to express a view on these companies.
For some investors, that may be enough. The product does not need to be perfect to attract participants. It only needs to offer something new in a market that is already crowded. In that sense, MNX is not just selling a trading contract; it is selling access to a narrative.
The Risks Behind the Product
Of course, the risks are substantial. Private company valuations are not transparent in the way public stock prices are. They can shift rapidly based on funding rounds, media reports, competitive news, or even sentiment in tech circles. A futures-style product tied to such valuations may therefore be highly speculative, and potentially volatile in ways that are difficult to predict.
- Liquidity risk: A new market needs enough participants to keep spreads tight and execution reliable. Without that, even a well-
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