OKX launches pre-IPO markets for OpenAI, Anthropic, and 100 tokenized stocks

OKX just gave European traders something Wall Street has gatekept for decades: a way to bet on the biggest private tech companies before they go public. The exchange’s European arm rolled out Pre-IPO X-Perps for OpenAI and Anthropic on September 10, alongside 100 tokenized stocks covering names like SpaceX, Google, NVIDIA, and Palantir.

The products are offered through OKX Europe Markets Limited, which operates under the Malta Financial Services Authority.

What’s actually on offer

Pre-IPO X-Perps are perpetual futures contracts that let traders take positions on the implied valuations of private companies. Think of them as a way to express a view on whether OpenAI is worth its reported $852 billion valuation, or whether Anthropic deserves the $965 billion price tag its recent fundraising implied, without needing to be an accredited investor or have a Goldman Sachs relationship manager on speed dial.

Traders can use up to 10x leverage on these contracts. That’s a notable step up from the 0.01-5x range OKX offered when it first launched similar products for SpaceX, OpenAI, and Anthropic back in May 2026.

The 100 tokenized stocks round out the offering. These are synthetic instruments that track the share prices of public companies and ETFs, including heavyweights like SPY and QQQ. They trade 24/7, which means a European trader can react to a Sunday evening earnings leak without waiting for the NYSE to open on Monday morning.

One important caveat: these tokenized stocks don’t come with ownership or voting rights. You’re trading the price movement, not buying a slice of the company.

The demand picture

OKX isn’t launching into a vacuum. Trading volume for X-Perps in Europe has quadrupled since the MiCA transition period wrapped up in early July 2026.

OKX’s approach bundles crypto trading, synthetic equity exposure, and pre-IPO speculation into a single account under one regulatory umbrella. The technology layer enabling the tokenized stocks is called xStocks, and it lets users toggle between crypto and equity-linked products without moving funds between different platforms or jurisdictions.

Why private company exposure matters

The ability to trade pre-IPO valuations is genuinely novel for retail participants. Historically, exposure to companies like OpenAI or Anthropic before they list has been limited to venture capital firms, sovereign wealth funds, and the occasional secondary-market block trade that requires seven-figure minimums.

Anthropic’s $965 billion implied valuation and OpenAI’s $852 billion figure reflect the enormous market confidence in generative AI. Whether those numbers hold up in a public market is exactly the kind of question these perpetual futures are designed to let traders express an opinion on.

The leverage component adds another dimension. A 10x leveraged position on a $965 billion valuation means that even modest swings in the implied price can produce outsized gains or losses.

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