TLDR
- OKX launched pre-IPO perpetual futures for OpenAI and Anthropic in European markets
- Traders can go long or short with up to 10x leverage without owning shares
- OKX also added 100 tokenized stocks and ETFs including Nvidia, Google, and Palantir
- Tokenized stocks trade around the clock but carry no ownership or voting rights
- European X-Perps volume has grown fourfold since MiCA’s transition period ended in July
Crypto exchange OKX has launched pre-IPO perpetual futures tied to OpenAI and Anthropic for eligible European traders. The products let traders speculate on the private valuations of both AI companies without owning any shares.
Real-world markets just went live in Europe.
We’re launching pre-IPO access to companies like OpenAI and Anthropic, alongside tokenized stocks available 24/7 from one account.
Trade it all on the New Money App.
— OKX (@okx) September 10, 2026
Traders can take long or short positions with up to 10 times leverage. The contracts do not represent shares in either company and give holders no economic claim against the referenced business.
What the Products Actually Offer
OKX is calling these products X-Perps. They track implied valuations of OpenAI and Anthropic rather than any publicly listed price.
Prices on these contracts may not match valuations set in private funding rounds. OKX also warned that an IPO for either company could be delayed, canceled, or never happen at all.
OKX Europe CEO Erald Ghoos said these markets have generally been out of reach for most European retail traders through traditional brokerages. He linked the launch to rising demand for the exchange’s derivatives products.
“X-Perps volume in Europe has grown fourfold since MiCA’s transition period ended in July, and these markets are built for those same traders,” Ghoos said.
OKX is not the first to offer these types of products. Hyperliquid and Binance both have pre-IPO perpetual markets tied to OpenAI and Anthropic.
Leverage cuts both ways. OKX warned that traders could lose part or all of their invested funds if leveraged positions move against them.
100 Tokenized Stocks Added Round the Clock
Alongside the pre-IPO contracts, OKX opened 100 tokenized stock and ETF markets. The list includes Google, Nvidia, Palantir, SpaceX, and the SPY and QQQ ETFs.
These tokens can be traded at any time, even when traditional markets are closed. Supported order types include limit, market, stop, time-weighted average price, and Iceberg orders.
Stock tokens can be used as collateral for X-Perps within the same account. They can also be withdrawn to self-custody wallets, which is not a feature available through a standard brokerage.
However, holding these tokens does not mean owning the underlying shares. Traders get price exposure only, with no voting rights or shareholder status.
This distinction has caused friction elsewhere. AMC Entertainment publicly objected to a Robinhood token linked to its shares. OpenAI raised similar concerns in July 2025 after Robinhood offered tokens tied to the private company without its endorsement.
OKX’s disclosure states clearly that its tokenized stock instruments confer neither direct ownership nor shareholder rights.
In the United States, the SEC is still working through how tokenized equity trading could operate under federal securities law. Nasdaq received SEC approval in March for a limited pilot covering eligible Russell 1000 stocks, where tokenized and traditional versions carry the same rights.
OKX’s European rollout is authorized through OKX Europe Markets Ltd., regulated by the Malta Financial Services Authority under Malta’s Investment Services Act.
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