MNX Launches Pre-IPO Futures for AI Giants, Challenging Crypto Exchange Rivals

A new cryptocurrency exchange, MNX, has launched, allowing investors to speculate on the future valuations of private artificial intelligence (AI) companies before they go public. The platform, developed by Manifold Markets and built on the MegaETH blockchain, went live on Tuesday, October 13, 2026.

MNX is initially offering futures contracts tied to the valuations of prominent private AI entities, including OpenAI, Anthropic, DeepSeek, and Moonshot. The initiative comes after the platform secured $6.4 million in funding this past June, with Village Global leading the investment round.

While larger crypto exchanges like OKX and Bitget already provide mechanisms for traders to bet on the value of private AI firms, MNX introduces a distinct approach. Its contracts feature specific expiration dates, set for the end of 2027, and do not levy recurring funding fees, differentiating them from Bitget’s perpetual futures, which never expire.

Max Killberg of Village Global highlighted the strategic rationale behind their investment, noting that financial markets have yet to fully adapt to the immense capital flowing into AI. "AI is driving one of the largest investment cycles in history, despite the financial infrastructure around it remaining quite underdeveloped," Killberg stated, emphasizing an opportunity to build dedicated financial markets for the sector.

Stephen Gruggett, co-founder of Manifold Markets, explained that MNX's expiring contracts are particularly well-suited for private companies like OpenAI and Anthropic, whose shares trade infrequently and are notoriously difficult to price. "OpenAI, Anthropic secondaries are illiquid and hard to price," Gruggett told CoinDesk, arguing that perpetual futures based on stale prices can be misleading, susceptible to manipulation, and carry unpredictable funding rates.

Traders on MNX can utilize leverage, with the option to use up to three times their available funds, which amplifies both potential profits and losses. Prices for these contracts are determined by trading activity directly on the MNX platform, rather than relying on external price feeds.

Should a company remain private when its contract expires, MNX will settle the contract using publicly available valuations derived from funding rounds, investment funds, or secondary markets. As a final recourse, the exchange reserves the right to determine the settlement price itself, subject to a published review process. This means settlement prices could diverge from actual private transaction values.

Why it matters

The launch of MNX underscores the growing demand for financial instruments that provide exposure to the booming AI sector, which has become a significant magnet for investment capital. With exposure often concentrated in a few major tech companies, new platforms aim to democratize access and offer more tailored risk management tools. The focus on illiquid private assets highlights a market gap that traditional finance struggles to fill, positioning crypto exchanges as agile innovators in this niche. The move also intensifies competition among crypto platforms vying for market share in novel derivatives.

What to watch

MNX currently does not serve U.S. customers, though Stephen Gruggett indicated plans to obtain the necessary licenses to expand its reach. Investors will be watching how MNX’s settlement mechanism performs, particularly if key companies remain private at contract expiry and the exchange needs to determine prices. Furthermore, MNX intends to broaden its offerings beyond company valuations to include markets around the wider AI economy, such as company revenue, employment trends, housing impacts, the AI supply chain, and computing capacity. The success of these more granular markets could further solidify its position in the evolving AI financial landscape.