TLDR
- Injective Protocol has launched onchain pre-IPO perpetual futures markets that allow global investors to trade synthetic versions of private companies like OpenAI, SpaceX, and Anthropic
- The platform offers up to 5x leveraged positions on private company valuations, with pricing data provided by Seda Protocol and Caplight
- The first market lists OpenAI and is available on Helix decentralized exchange, with more companies being added throughout October
- The product is not available to users in the United States, United Kingdom, or Canada due to regulatory restrictions
- Injective distinguishes its offering from Robinhood’s private equity tokens by emphasizing full onchain execution and decentralized infrastructure
Injective Protocol launched onchain pre-IPO perpetual futures markets on Wednesday. The platform allows investors to trade synthetic versions of major private companies including OpenAI, SpaceX, Anthropic, and Perplexity.
Injective is revolutionizing finance once again. Introducing, onchain Pre-IPO markets.
For the first time ever, anyone can trade major private companies like OpenAI on $INJ with leverage.
Unlike other Pre-IPO solutions from Robinhood and others, Injective’s Pre-IPO perps are… pic.twitter.com/rtUoaYuQB9
— Injective 🥷 (@injective) October 1, 2025
The new product enables users to take leveraged positions up to five times on private company valuations. Trading is conducted directly through Injective’s blockchain infrastructure.
The pre-IPO perpetuals use onchain data from Seda Protocol and Caplight. Seda Protocol provides decentralized oracle infrastructure that brings price data onto blockchains. Caplight aggregates private market pricing data for venture-backed companies.
OpenAI is the first company listed in the pre-IPO perpetual market. Trading is available on Helix, a decentralized exchange built on Injective. The protocol plans to add more private companies throughout October.
Other companies mentioned for the platform include Monzo, xAI, Revolut, Airtable, and Notion. These companies represent some of the most valuable private startups in sectors like Data and AI.
The platform offers perpetual futures contracts that have no expiration date. This allows traders to hold positions indefinitely, unlike traditional futures contracts with fixed expiration dates.
Product Features and Access
Injective emphasizes several features that distinguish its product from competitors. The platform provides full onchain execution, programmability, composability, and capital efficiency.
The product is not available to users in the United States, United Kingdom, or Canada. These restrictions are due to regulatory requirements in those jurisdictions.
An Injective spokesperson clarified the nature of the product. They stated it is a perpetual derivative based on a reference price of the pre-IPO company.
In August, Injective partnered with investment platform Republic. The collaboration aims to enhance both companies’ ability to democratize retail investing in privately-held companies.
Market Context and Trading Volume
Pre-IPO market access has historically been restricted to institutional or accredited investors. This created barriers for retail participants looking to invest in private companies.
Injective’s model uses onchain perpetual derivatives tied to reference prices of private companies. The product offers exposure to these companies but is not equivalent to holding equity.
The real-world asset market has grown this year. The total value of onchain financial assets reached almost $32 billion according to industry data.
Injective reported $1 billion worth of real-world asset perpetual futures contracts traded on its blockchain during a 30-day period last week. The RWA market is currently dominated by private credit and US Treasury debt.
The private equity market represents over $13 trillion in total value. Data and AI sectors raised over $100 billion in 2024.
Injective positions this launch as part of its mission to bring every financial market onchain. The protocol was incubated by Binance and counts Jump Crypto, Pantera, and Mark Cuban as backers.
