MNX Opens Pre-IPO Bets on OpenAI and Anthropic Valuations

MNX began selling futures on Tuesday on the valuations of four private AI labs: OpenAI, Anthropic, DeepSeek and Moonshot. Each contract is quoted so that 1 point equals $1 billion of company valuation, expires on Dec. 31, 2027 at 23:59:59 UTC, and can be held at up to 3x leverage, per the exchange's contract documentation. The design choice is the pitch. MNX lists dated contracts rather than perpetuals that never expire, and the contracts carry no recurring funding fees. Manifold co-founder Stephen Grugett said dated contracts suit OpenAI and Anthropic better because their shares rarely trade and are hard to value. "A perp based on an illiquid, stale price is worse than meaningless," he said. The venue's documentation sets out the mechanics.