MNX, a cryptocurrency exchange developed by Manifold Markets, has launched a platform allowing investors to speculate on the valuations of private artificial intelligence (AI) companies such as OpenAI, Anthropic, DeepSeek, and Moonshot. Unlike its competitors, MNX offers futures contracts that expire at the end of 2027 and do not carry recurring funding fees. This approach aims to address the illiquidity and pricing challenges of private AI shares, which are difficult to value accurately.
The exchange, built on the MegaETH blockchain, raised $6.4 million in June, led by Village Global. Traders can leverage up to three times their available funds, amplifying both potential profits and risks. Prices are determined by trading activity on MNX rather than external price feeds, and settlement prices may differ from actual private share transactions.
MNX does not currently serve U.S. customers but plans to expand into markets tied to the broader AI economy. The platform also aims to offer markets around AI-related metrics like company revenue, employment, housing, and computing capacity. According to Max Killberg of Village Global, AI is driving one of the largest investment cycles in history, despite the underdeveloped financial infrastructure around it.
Stephen Gruggett, co-founder of Manifold Markets, emphasized that perpetual futures based on illiquid, stale prices are problematic. He noted that such contracts can be easily manipulated and have unpredictable funding rates. The exchange's approach is designed to provide a more stable and transparent alternative for investors.