MNX, a cryptocurrency exchange developed by Manifold Markets, launched Tuesday offering futures contracts tied to private artificial intelligence companies including OpenAI, Anthropic, DeepSeek and Moonshot. The platform raised $6.4 million from investors led by Village Global in June and operates on the MegaETH blockchain.
The exchange differentiates itself from larger competitors OKX and Bitget by offering contracts that expire at the end of 2027 with no recurring funding fees, rather than perpetual futures that never expire. Manifold Markets co-founder Stephen Gruggett said MNX's approach better suits private companies whose shares trade infrequently and are difficult to price.
Contract Features
Traders can use up to three times their available funds on the platform. Settlement prices are determined by trading activity on MNX rather than external price feeds. If a company remains private when its contract expires, MNX uses publicly available valuations from funding rounds, investment funds or secondary markets to determine settlement prices, with the exchange retaining discretion as a last resort.
This means traders could settle bets at prices different from what investors might actually pay for private shares. The exchange does not currently serve U.S. customers, though leadership indicated plans to obtain necessary licenses.
Market Opportunity
Village Global's Max Killberg stated that AI is driving one of the largest investment cycles in history despite underdeveloped financial infrastructure. The largest U.S. hyperscalers are expected to spend at least $800 billion this year and more than $1 trillion next year, according to Bitcoin Suisse's Crypto Wealth Management Report 2026.
MNX plans to expand beyond private company valuations into broader AI economy markets, including company revenue, employment, housing, the AI supply chain and computing capacity.
