MNX launches futures contracts on AI lab IPOs and valuations

On October 13, 2026, MegaETH-based crypto exchange MNX launched pre-IPO valuation futures for AI firms OpenAI, Anthropic, DeepSeek, and Moonshot. The contracts expire on December 31, 2027, feature up to 3x leverage with no recurring funding fees, and exclude U.S. users. The launch comes as Anthropic prepares to disclose Q3 financials on October 14, 2026 ahead of a potential $2 trillion IPO, amid growing financial market scrutiny of private AI company valuations.

MNX futures exchange launch

• ▪Decentralized exchange MNX excludes United States users from its platform at its October 13, 2026 launch while seeking required licenses.
• ▪Decentralized exchange MNX operates non-custodially on the MegaETH blockchain and executes orders through batch auctions that clear trades at scheduled intervals.
• ▪Decentralized exchange MNX was created by Manifold Markets co-founders Stephen Grugett and Ian Philips, who raised $6.4 million in pre-seed funding led by Village Global in June 2026 at a $40 million valuation.
• ▪On October 13, 2026, decentralized crypto exchange MNX launched pre-IPO valuation futures contracts covering artificial intelligence companies OpenAI, Anthropic, DeepSeek, and Moonshot.

Contract expiration settlement mechanics

• ▪Positions on decentralized exchange MNX are marked internally using an eight-hour exponential moving average prior to contract settlement.
• ▪Valuation futures contracts on decentralized exchange MNX expire on December 31, 2027, settling on a company's post-IPO market capitalization if an initial public offering occurs before 2028.
• ▪If an artificial intelligence company does not list publicly before 2028, MNX valuation contracts settle using qualifying private funding rounds, investment funds, secondary markets, or an internal review process.

AI company valuation speculation

• ▪Hyperscaler capital expenditure on artificial intelligence infrastructure is projected to reach $800 billion in 2026 and over $1 trillion in 2027, according to Bitcoin Suisse's Crypto Wealth Management Report 2026.
• ▪Decentralized exchange MNX plans to expand futures offerings to metrics including artificial intelligence company revenue, employment, computing capacity, and supply chain data.
• ▪During MNX's beta phase in September 2026, futures contracts initially marked OpenAI's valuation at approximately $1.64 trillion, which sat about 20% below Anthropic's valuation at that time.

Anthropic IPO investor meeting

• ▪Anthropic scheduled a meeting with institutional investors for October 14, 2026 to disclose its third-quarter financials ahead of a potential initial public offering.
• ▪OpenAI disclosed a revised revenue figure of $50 billion to current investors—down from a previously reported $70 billion after removing cloud partner revenue—triggering declines in semiconductor stocks in October 2026.
• ▪Anthropic is preparing for a potential $2 trillion public listing as early as November 2026, supported by projected annual revenue reaching $100 billion by the end of 2026.

OKX Bitget competitor comparison

• ▪Cryptocurrency exchanges OKX and Bitget offer pre-IPO valuation products for private artificial intelligence firms, with Bitget offering perpetual futures that do not expire.
• ▪Valuation futures contracts on decentralized exchange MNX carry fixed end dates and no recurring funding fees, unlike perpetual futures offered by competing exchanges.

Leverage margin fee structure

• ▪Decentralized exchange MNX offers up to 3x tiered leverage on valuation futures contracts, requiring traders to post a 33⅓% initial margin upfront.
• ▪Decentralized exchange MNX charges 0% fees for liquidity order makers and a 20 basis point (0.2%) fee on notional value for liquidity order takers.

Debatable claims

• ▪Fixed-expiration futures are better suited for illiquid private assets than perpetual contracts
• ▪Regulators should permit retail access to private AI valuation futures
• ▪Anthropic's $2 trillion valuation target is justified by its revenue growth
• ▪Leveraged pre-IPO futures pose unacceptable liquidation risks in thinly traded AI markets