OKX Australia has launched pre-IPO perpetual futures for OpenAI and Anthropic, available to eligible wholesale clients in Australia.
The contracts let traders take long or short positions on the implied valuations of private companies before any public listing. They are offered with up to 10x leverage and can be traded around the clock.
The launch adds private company valuation trading to the firm's Australian platform. It comes as investor attention remains fixed on artificial intelligence companies that have stayed private while attracting large funding rounds and rising market interest.
Pre-IPO perpetual futures are derivative contracts linked to a private company's implied valuation rather than equity ownership. They do not represent shares in the underlying company, and their price is not an official valuation of that business.
A contract linked to an eligible private company can convert into a standard futures contract after that company lists publicly, allowing traders to maintain exposure as a business moves from private to public markets.
In Australia, the product is limited to verified wholesale clients under the firm's local derivatives authorisation. OKX Australia operates from Sydney and offers digital asset trading and other products to local customers.
Shane Chandra, Chief Executive Officer of OKX Australia, said the new market addresses a gap in how sophisticated investors can express a view on private company valuations.
"OpenAI and Anthropic are two of the most closely watched private companies in the world. Historically, even where there is strong interest, there have been limited ways for investors to express a view on valuations before an IPO. Traditional methods were available exclusively to a small segment of high-net-worth investors," Chandra said.
Private market access has often been limited to venture capital firms, institutional investors and select wealthy individuals, particularly in late-stage funding rounds. A listed or exchange-traded route tied to private company valuation expectations could broaden the ways some professional investors manage exposure to businesses that remain outside public equity markets.
Chandra said the contracts could be used to back or challenge prevailing market expectations, as well as to adjust portfolio exposure.
"Pre-IPO Perps change that. Eligible wholesale clients can take a long position if they believe a company is undervalued, or go short if they think expectations have moved too far. It can also function as a powerful tool for investors with a fixed allocation who want to hedge or increase exposure. Since our product trades around the clock, investors always have options to manage their exposure," Chandra said.
Broader expansion
The launch is part of a broader push to expand the company's offering in Australia. Earlier additions this year included OKX Pay and OKX Card, as the group sought to build out products beyond standard digital asset trading.
Australia has become a market of interest for global crypto and digital asset firms seeking to operate within a clearer regulatory framework. Locally licensed operations have become a key part of that strategy, particularly where derivatives and wholesale clients are involved.
Chandra said the latest launch reflects that setting and the company's effort to bring products from its wider network into the Australian market.
"Pre-IPO Perps give participants access to a live market where they can express what they think a company is worth before it lists," Chandra said.
"That gives sophisticated investors a new way to trade some of the biggest themes shaping global markets."
OKX Australia also intends to add more pre-IPO perpetual futures over time as part of its local expansion strategy.
"Australia now has strong regulatory clarity around digital assets, creating an environment where global platforms can bring new products to market within a well-established financial regulatory regime," Chandra said.
"Our focus is on combining OKX's global technology, liquidity and product capabilities with a strong local regulatory foundation. Pre-IPO Perps are another example of how we can give sophisticated Australian investors access to markets and products that historically have been difficult to reach."