Private AI company valuations are gaining a new trading venue as crypto exchange MNX starts offering futures linked to firms including OpenAI, Anthropic and DeepSeek. The platform enters the market with contracts expiring at the end of 2027 and positions itself as an alternative to private share trading in a sector attracting heavy capital inflows.
Highlights
- MNX, developed by Manifold Markets, launched a cryptocurrency exchange offering futures contracts on private AI firms like OpenAI and Anthropic, expiring end of 2027.
- MNX has raised $6.4 million led by Village Global to address the lack of AI-linked tradable products and provide exposure without direct private share trading.
- MNX aims to capture demand from the massive AI investment cycle, planning to expand beyond valuations to include contracts tied to revenues and the AI supply chain.
Platform launch and contract structure
As reported by CoinDesk, MNX goes live on Tuesday as a cryptocurrency exchange developed by Manifold Markets, offering futures contracts tied to private AI companies such as OpenAI, Anthropic, DeepSeek and Moonshot.The contracts are designed for investors who want to speculate on how these companies may be valued as they move toward public listings. MNX says its products differ from perpetual futures on larger exchanges such as OKX and Bitget because they carry expiration dates at the end of 2027 and do not charge recurring funding fees.
The exchange has raised $6.4 million from investors led by Village Global, underscoring backing for a model that connects crypto market structure with demand for AI-linked exposure.
AI investment cycle and market impact
MNX is targeting a gap in market infrastructure as large financial flows into artificial intelligence remain only partly reflected in tradable products. The platform is built to offer exposure to private company outcomes without relying on the direct trading of illiquid private shares, an area that can be vulnerable to distorted pricing and manipulation.Max Killberg of Village Global says AI is driving one of the largest investment cycles in history, with the potential to reshape financial markets around private companies. Beyond company valuations, MNX also aims to serve trading tied to broader AI themes, including corporate revenues and the AI supply chain.
Our earlier article on Anthropic’s pre-IPO investor briefing explained that the company was preparing to share Q3 financial figures with institutional investors as interest in private AI valuations accelerates. It also noted that accounting treatment—such as whether cloud-partner revenue is included—can significantly shift perceived scale and influence how markets price AI-linked growth ahead of a potential listing.
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