Crypto exchange MNX takes on OKX, Bitget offering pre-IPO futures for AI giants
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
MNX, a new crypto exchange developed by former Manifold executives, launched futures contracts enabling investors to speculate on the valuations of private AI companies like OpenAI, Anthropic, DeepSeek, and Moonshot. MNX’s contracts expire at the end of 2027 and have no recurring funding fees, contrasting with perpetual futures offered by larger exchanges like OKX and Bitget. The platform allows up to three times leverage, currently excludes U.S. customers, and plans expansion into AI-related markets.
Why it matters
According to MNX investor Max Killberg of Village Global, the move addresses a significant gap as AI represents one of the largest investment cycles historically, but the financial infrastructure to support trading in AI-related assets remains underdeveloped. MNX aims to build more suitable financial markets around private AI firms rather than relying on existing prediction markets, potentially giving investors access to valuation exposure previously difficult to obtain.
Key context
MNX raised $6.4 million in June from investors led by Village Global and operates on the MegaETH blockchain. The exchange uses trading activity on its platform rather than external price feeds to set futures prices, with settlement prices based on public valuations or internal review if companies remain private after contract expiry. Compared to competitors, MNX’s approach targets illiquid and hard-to-price private shares, avoiding perpetual futures’ issues like unpredictable funding rates.
Key numbers and entities
Key entities include MNX exchange, OpenAI, Anthropic, DeepSeek, Moonshot, Village Global (lead investor), former Manifold executives (founders), and larger exchanges OKX and Bitget. MNX raised $6.4 million in funding. The investment cycle is described as one of the largest in history by Max Killberg. AI-related spending by major U.S. hyperscalers is projected to exceed $800 billion this year and $1 trillion next year according to Bitcoin Suisse’s 2026 Crypto Wealth Management Report.
What remains unclear
The source does not specify the exact regulatory path MNX will follow to serve U.S. customers or the timeline for such expansions. It is also unclear how frequently MNX will update or revise settlement prices if companies remain private beyond contract expiry. The source does not detail the specific mechanisms behind MNX’s internal price review process or how the platform will develop markets related to the broader AI economy.