MNX, a new cryptocurrency exchange, has introduced futures contracts tied to private artificial intelligence (AI) companies, including OpenAI, Anthropic, DeepSeek and Moonshot. The service, which went live on Tuesday, allows traders to bet on the future valuations of the companies ahead of their expected public offerings.
Backed by the MegaETH blockchain, MNX is looking to join the growing list of crypto exchanges that provide similar products, including OKX and Bitget.
Amazon went public in 1997 at under half a billion dollars. Anyone with a brokerage account could buy in early.
These days, the AI labs stay private until they’re worth hundreds of billions, if not more. By the time you get a seat, most of the growth is already gone.
This is why @MNX_fi must exist right now and not after the IPOs.
MNX is launching IPO futures for OpenAI, Anthropic, Deepseek, and Moonshot. They are dated futures and carry no funding rate, so traders avoid the recurring payments that can make perp positions more expensive or unpredictable over time.
You can also trade perps on publicly traded stocks, ETFs, and metals like gold and silver.
The prospect of IPO futures may be obvious. Capturing it requires a team that understands both AI and the companies shaping it.
MNX is built by former founders, has deep roots in San Francisco, and is backed by Village Global, Dwarkesh Patel and Byrne Hobart.
Trade the takeoff.
— MegaETH (@megaeth) October 13, 2026
MNX was created by the former leaders of Manifold Markets, a prediction market platform, and has raised $6.4 million in funding in June, with the Village Global venture capitalist firm leading the investment.
The product differentiates itself from competitors by the conditions of its contracts: while MNX’s version will expire at the end of 2027 and not include any recurring funding fees, Bitcoin and OKX offer “perpetual” futures, which do not have an expiration date and include different funding structures.
The AI exchange is live.
Trade the takeoff: https://t.co/rkyOmcbhHm https://t.co/VCcCUvUONw
— MNX (@MNX_fi) October 13, 2026
According to the exchange, its product could be more attractive to private companies, where fair pricing is challenging to establish due to the infrequency of their shares’ trading. Stephen Gruggett, co-founder of Manifold Markets, has previously commented on how perpetual contracts could be based on stale prices and criticized such instruments for being prone to price manipulation.
MNX allows leverage of up to three times the value of an open position, meaning traders, who place larger bets than they would risk losing, could benefit from price fluctuations, but also see amplify their losses.
The value of MNX’s contracts is based on prices available in the exchange’s trading environment. If the company, whose valuation underlies the contract, remains private at the time of the contract’s expiration, MNX will use the most recent valuation, based on funding rounds, private equity placements or secondary market sales to determine its closing price.
Trade markets once reserved for insiders:
OpenAI, Anthropic, DeepSeek, & Moonshot IPO futures
Equities from $AMZN to $ZAI
Compute perps on H100 prices
Prediction markets on lab revenue, SF home prices, P vs. NP, and moreFully non-custodial on @megaeth. https://t.co/DaR32IUmME
— MNX (@MNX_fi) October 13, 2026
If that information is unavailable, the exchange will resort to the published review process to establish a fair value, which might differ substantially from the price that investors would pay to buy some shares of a private company.
While MNX does not provide services to clients in the United States, it is considering acquiring the necessary licenses to operate there, and expanding its product offering to include a broader selection of AI-related indicators, such as revenues and employment figures, capacities of computer processors and the supply chain of AI chips.
While the offering highlights the increasing intersection between trading and the AI industry, investors should be aware that a contract does not provide direct investment exposure to a private company and includes significant risks related to prices and markets.
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