OKX has launched pre-IPO derivatives and tokenized stock markets for eligible European traders, bringing private-company valuation exposure, public equities and crypto assets into a single trading environment.
The company said on September 10 that its first pre-IPO markets reference OpenAI and Anthropic, allowing traders to take long or short positions with leverage of up to 10 times. It has also introduced more than 100 tokenized markets referencing companies including SpaceX, Google, Nvidia and Palantir, as well as the SPDR S&P 500 ETF Trust and Invesco QQQ Trust.
The launch broadens access to markets that have traditionally required separate brokerage, crypto and private-market platforms. It also places leveraged derivatives and tokenized assets alongside OKX’s spot crypto trading, automated trading tools, yield products and payment services.
The products are offered by OKX Europe Markets Ltd, which is authorized and regulated by the Malta Financial Services Authority under Malta’s Investment Services Act.
Pre-IPO exposure without private-company ownership
OKX’s pre-IPO X-Perps are perpetual derivatives linked to the implied valuations of private companies. Traders can open long positions if they expect the referenced valuation to rise or short positions if they expect it to fall.
The contracts do not give holders shares, voting rights or an economic claim against OpenAI, Anthropic or any other referenced company. Their market prices may differ substantially from valuations established in private funding rounds and from any price eventually set through an initial public offering.
An expected listing may also be delayed, cancelled or never take place. These uncertainties can make valuation-based pre-IPO derivatives more difficult to assess than publicly traded shares, particularly when leverage amplifies both gains and losses.
OKX said the OpenAI and Anthropic markets will remain available continuously and launch with liquidity intended to support larger trades. The company plans to add further private-company markets as demand develops.
“Pre-IPO markets have been unavailable for most European traders on traditional brokerage and other regulated platforms,” said Erald Ghoos, CEO of OKX Europe.
Ghoos said European trading volume in the company’s X-Perps had increased fourfold since the end of the EU’s Markets in Crypto-Assets transitional period in July. He argued that regulated European platforms need to offer broader products if they are to compete with offshore trading venues.
Tokenized markets extend stock trading beyond exchange hours
OKX’s tokenized stock offering allows eligible customers to trade markets referencing selected equities and exchange-traded funds around the clock. The initial range includes more than 100 markets, with additional products expected to be added weekly.
Customers can buy, sell or convert supported tokens and place limit, market, stop, time-weighted average price and iceberg orders. OKX said supported assets can also be deposited or withdrawn on-chain, including transfers to self-custody wallets.
Tokenized positions may be used as collateral for X-Perps or incorporated into dollar-cost averaging and grid trading bots. This connects equity-linked exposure with the automated strategies and shared margin structures more commonly associated with crypto markets.
The instruments track the prices of referenced assets but do not provide direct ownership of the underlying shares. Holders therefore do not receive shareholder voting rights, and the use of a company’s name does not indicate its participation in or endorsement of the product.
The inclusion of SpaceX also illustrates the need to distinguish between conventional tokenized public equities and instruments referencing private-company value. Investors need to examine the legal structure, pricing source, liquidity and redemption terms of each product rather than assuming all tokens represent direct claims on listed securities.
OKX said traders can access pre-IPO markets, tokenized assets, crypto spot trading, X-Perps and automated trading tools through the same account and margin balance. The structure reduces the need to operate separate crypto and brokerage accounts, while also increasing the importance of understanding how different instruments and risks interact within one portfolio.
The launch reflects a wider convergence between traditional securities and digital-asset infrastructure. Around-the-clock trading, on-chain transfers and the use of tokenized positions as collateral could make markets more flexible, but they also introduce questions around price formation outside conventional exchange hours, liquidity during market stress and the rights attached to each instrument.
Pre-IPO X-Perps and other leveraged derivatives carry a significant risk of loss. Eligible traders should assess the product terms, valuation methodology, leverage and ownership limitations before participating.
