OKX Launches Pre-IPO and Tokenized Stocks in Europe

OKX launched pre-IPO markets and tokenized stock trading for eligible traders across Europe on September 10, 2026. The rollout lets eligible European traders bet on the future value of private companies before they go public, and trade tokenized versions of public stocks around the clock, without owning shares in either case.

Pre-IPO X-Perps

OKX’s Pre-IPO X-Perps are perpetual derivative contracts tied to the implied valuations of private companies. The product launches with markets referencing OpenAI and Anthropic, allowing eligible European traders to take leveraged long or short positions without receiving ownership or other economic rights in either company.

• Coverage: The product opens with two names, OpenAI and Anthropic. OKX says it will continue adding pre-IPO markets as they become relevant, without specifying a timeline or naming additional candidates.

• Mechanics: Traders can take long or short positions using a perpetual contract (a derivative with no expiry date, unlike a traditional futures contract) tied to the implied valuation of a private company, with leverage up to 10x, and can open or close positions at any time.

• Liquidity claim: OKX describes each pre-IPO market as launching with deep liquidity. No liquidity figures, order book depth, or spread data were disclosed.

What the position is not: Per OKX's disclaimer, Pre-IPO X-Perps confer no ownership or economic claim in the referenced company. Price may differ materially from private valuations or any eventual IPO price, and an IPO may be delayed, cancelled, or never occur.

Tokenized stocks

OKX launched 100 tokenized stock markets referencing companies including SpaceX, Google, NVIDIA, and Palantir, as well as the SPY and QQQ ETFs. The products track the relevant asset prices but do not provide direct ownership or shareholder voting rights.

• Trading access: The markets operate 24/7 and support limit, market, stop, time-weighted average price (TWAP), and Iceberg orders. TWAP spreads an order over time, while an Iceberg order conceals most of its total size.

• Utility: Tokenized stock positions can be used as collateral for X-Perps or within DCA and Grid trading bots. Supported tokens can also be deposited or withdrawn onchain, including to a self-custody wallet.

• Expansion: OKX says it will add new tokenized stock markets weekly.

Account Structure

Both products operate inside the same OKX account as crypto spot, X-Perps, bots, Earn, and Pay. 

OKX says this removes the need for European traders to manage separate crypto and brokerage accounts, since the same order types, bots, and margin balance apply across product lines.

Erald Ghoos, CEO of OKX Europe, said pre-IPO access had been unavailable to most European traders on traditional brokerage and other regulated platforms. He said X-Perps volume in Europe had grown fourfold since MiCA's transition period ended in July, and framed the new markets as built for that same trader base, adding that OKX is now offering depth intended to support trading at size. 

Ghoos,CEO of OKX Europe, comments were included in OKX's launch announcement.

Limits and status

The announcement did not disclose the number of participating traders, implied valuation figures for OpenAI or Anthropic, liquidity depth for either pre-IPO market, or fee and funding-rate structures for either product line. 

The fourfold X-Perps volume figure cited by Ghoos was not accompanied by underlying volume data, a defined baseline, or a measurement methodology beyond the stated July starting point.

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Next Steps

OKX said it will add pre-IPO markets as they become relevant and new tokenized stock markets weekly. Neither a schedule nor a list of upcoming assets was provided.