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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallPre-IPO perpetual futures let traders speculate on the price of a private company reference without owning its shares. OKX has published detailed terms for futures linked to SpaceX, OpenAI and Anthropic; Bitget has published listings for similar OpenAI, SpaceX and Anthropic contracts. MNX is described in secondary reports as an AI-focused decentralized futures exchange that raised $6.4 million in pre-seed funding, but no first-party MNX product announcement or launch documentation was established here. The exchanges therefore cannot yet be treated as offering equivalent products.
What “pre-IPO futures” actually are
A pre-IPO perpetual future is a leveraged derivative whose value follows a reference price associated with a private company. It is not a share, an option to receive a share, or a direct investment in the company. OKX states this explicitly: “You do not hold any equity; you only trade the perpetual futures’ price movements.”
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The reference price may draw on private-market valuation information, but it should not be read as an official company valuation or a prediction of the eventual IPO price. Traders face futures-market risks, including liquidation, funding payments and abrupt repricing, rather than the rights of shareholders.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsWhat OKX confirmed on May 7, 2026
OKX announced USDT-margined pre-market perpetual futures for SpaceX (SPACEX/USDT), OpenAI (OPENAI/USDT) and Anthropic (ANTHROPIC/USDT), with staggered opening times on May 7, 2026. The announcement describes 24/7 trading and a leverage range of 0.01x to 5x.
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How the contract unit changes
Before a rebase, OKX says the quoted unit is approximately one-billionth of the company’s market capitalization. After a rebase, the unit corresponds to one actual share. These are contract-accounting conventions, not evidence that a trader owns a billionth of a company or can claim its assets.
What an IPO could trigger
OKX says a completed IPO can trigger conversion to a standard stock perpetual contract. It also warns that the company’s share count, valuation and IPO timing may be uncertain. An IPO may never happen; if an IPO is cancelled, the contract may be delisted or settled at a price determined under OKX’s rules. Read the current contract specification before trading because these events can change exposure or end the market.
Who can access the products
The May 7 announcement says the products were not available to residents of the European Economic Area. That restriction is specific to the cited OKX announcement and does not establish eligibility in every other country. Exchange access, derivatives permissions and local law must be checked immediately before placing an order.
What Bitget has listed
Bitget’s official support index and press-release archive list pre-IPO perpetual-futures announcements for OPENAIUSDT and SPCXUSDT (SpaceX). The support index also lists an ANTHROPICUSDT announcement. The archive records the OpenAI announcement on May 26, 2026, the Anthropic announcement on June 2, 2026, and additional 2026 product entries.
Those listings establish that Bitget published product announcements, not that its contracts have the same leverage, index, funding, settlement or conversion rules as OKX. The individual, current announcement and contract rules should be opened before relying on availability or terms. A listing page also does not prove that a market remains open on the date you read it.
Where MNX fits—and what remains unverified
Secondary coverage, including a DefiLlama funding listing and a news report, says MNX raised $6.4 million in a pre-seed round in June 2026. Other secondary references describe an AI-focused decentralized futures concept on MegaETH. No first-party MNX announcement, terms page or launch-status documentation was established in the available material.
That means MNX’s operating status, named contracts, leverage, pricing method, custody model, settlement process and user eligibility remain unverified here. “MNX takes on OKX” is therefore a description of reported competitive positioning, not an independently confirmed product comparison. Treat any claim that MNX is live or offers a particular AI-company future as provisional until MNX publishes primary documentation.
Side-by-side: the evidence available
| Exchange | Evidence and referenced companies | Instrument and settlement | Leverage | Pricing, funding and adjustments | IPO, cancellation and eligibility | Verification date |
|---|---|---|---|---|---|---|
| OKX | Official announcement for SpaceX, OpenAI and Anthropic pre-market perpetual futures | Derivative; USDT-margined and USDT-settled | 0.01x–5x | Pre-rebase unit is approximately one-billionth of market capitalization; post-rebase unit corresponds to one share; other funding details require the current contract rules | Completed IPO may convert the contract to a standard stock perpetual; IPO failure or cancellation may lead to delisting or rule-based settlement; EEA residents excluded under the announcement | May 7, 2026 announcement |
| Bitget | Official listings for OpenAI, SpaceX and Anthropic | Perpetual-futures listings; settlement currency and margin details not stated in the reviewed listing/archive material | Not stated in the reviewed listing/archive material | Not stated in the reviewed listing/archive material; do not assume OKX terms apply | Not stated in the reviewed listing/archive material; check each current product rule and regional restriction | OpenAI listing dated May 26, 2026; Anthropic listing dated June 2, 2026; SpaceX listing appears in the 2026 archive |
| MNX | Secondary reports describe a $6.4 million June 2026 pre-seed and an AI-focused decentralized futures concept | Not stated in the reviewed secondary reports | Not stated in the reviewed secondary reports | Not stated in the reviewed secondary reports | Launch status, cancellation treatment and user eligibility not independently verified | Secondary reporting reviewed for June 2026 claims |
Questions to answer before trading
- What exactly is the reference? Identify the index or valuation source and whether it can diverge from a future IPO price.
- What happens at an IPO or failed IPO? Find the rebase, conversion, delisting and settlement clauses, including the exchange’s price-selection method.
- What are the carrying costs? Confirm funding intervals, fee schedules, margin rules and liquidation thresholds rather than inferring them from another exchange.
- Can you legally access it? Check country restrictions, identity requirements and whether your account is approved for derivatives.
- Is the market still open? A dated announcement or archive entry does not guarantee current availability.
Bottom line
OKX provides the clearest confirmed example: USDT-margined, 24/7 pre-market perpetuals with up to 5x leverage and explicit rules for rebasing and possible IPO conversion. Bitget has documented comparable listings, but the reviewed material does not establish matching terms. MNX’s funding and decentralized-exchange concept are secondary reports, not proof of a live competing market. In every case, the contract is price exposure—not ownership of an AI company—and the IPO, settlement and regional-access clauses matter more than the “pre-IPO” label.
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