OKX launches Pre-IPO trading in OpenAI and Anthropic for Europe

OKX is introducing the ability for European traders to speculate on private companies that are not yet listed on the stock exchange. The crypto exchange is launching Pre-IPO X-Perps for OpenAI and Anthropic, among others, with which users can go long or short on the implied valuation of these companies without actually owning shares. At the same time, OKX is expanding its offering with 100 Tokenized Stocks that can be traded 24/7.

In brief:

• OKX launches Pre-IPO X-Perps on OpenAI and Anthropic for European traders
• 100 Tokenized Stocks are now available, including NVIDIA, Google and SpaceX
• These products offer possibilities that traditional brokers have not provided until now

Speculating on private companies with leverage

OpenAI and Anthropic are among the best-known private companies in the world, but they do not yet have a regular share that private investors can buy through traditional exchanges. OKX is attempting to partially fill that gap for European traders with Pre-IPO X-Perps.

These products make it possible to speculate on the implied valuation of a private company. Users can go both long and short, using leverage of up to 10x. Anthropic raised 65 billion dollars in May at a valuation of 965 billion dollars. OpenAI closed a financing round of 122 billion dollars in March at a valuation of 852 billion dollars.

Importantly, a Pre-IPO X-Perp is not a share in OpenAI or Anthropic. The trader does not receive ownership or economic rights in the underlying company. The price of the product can also deviate significantly from private valuations and from any future stock market price.

Demand from European traders is growing

According to OKX, markets of this kind have so far been barely available to European users through traditional brokers and other regulated trading platforms. European trading volume in X-Perps has grown fourfold since the start of July.

The company therefore wants to add more Pre-IPO markets as soon as new private enterprises attract sufficient interest. An actual stock exchange listing is not guaranteed in that process. An IPO can be postponed, cancelled or not take place at all. Because of the possible leverage, both profits and losses can mount more quickly.

100 Tokenized Stocks also available

In addition to its focus on Pre-IPO companies, OKX is also introducing Tokenized Stocks for European users this week. At launch, 100 markets are available, including NVIDIA, Google, Palantir, SpaceX and products that track SPY and QQQ. This development ties in with the growth of tokenized shares on other platforms.

Unlike traditional US exchanges, these products can be traded 24/7. US exchanges open at 15:30 and close at 22:00, meaning European traders miss much of the trading day. Before users gain access, they must first successfully complete a short assessment consisting of five questions.

Here too, this does not involve direct share ownership. Tokenized Stocks do not confer direct shareholder rights. OKX Europe Markets Ltd operates under the supervision of the Malta Financial Services Authority for these activities.