TLDR
- Injective Protocol launched pre-IPO perpetual futures allowing traders to gain exposure to private companies like OpenAI, SpaceX, and Anthropic with up to 5x leverage
- The decentralized platform uses pricing data from Seda Protocol and Caplight to create synthetic trading markets for pre-IPO companies
- OpenAI is the first company available for trading on Helix DEX, with additional private firms launching in October
- Trading is restricted for users in the US, UK, and Canada due to regulatory compliance requirements
- Injective reported $1 billion in RWA perpetual futures trading volume over a 30-day period
Injective Protocol has introduced onchain pre-IPO perpetual futures markets that give traders access to some of the world’s most valuable private companies. The layer-1 blockchain platform announced the launch on Wednesday, positioning itself as a gateway to the $13 trillion private equity market.
The new product allows investors to trade synthetic versions of private companies including OpenAI, SpaceX, Anthropic, and Perplexity. Users can take leveraged positions up to five times the value of their initial investment.
OpenAI serves as the first listing on the platform. Trading takes place on Helix, a decentralized exchange built on Injective’s blockchain infrastructure. The protocol plans to expand its offerings throughout October with companies like Monzo, xAI, Revolut, Airtable, and Notion.
How Pre-IPO Perpetual Futures Work
Injective’s pre-IPO perpetuals differ from traditional futures contracts in one key way. They have no expiration date, allowing traders to maintain positions indefinitely without rolling over contracts.
The platform sources pricing data through two providers. Seda Protocol delivers decentralized oracle infrastructure that feeds price information onto the blockchain. Caplight aggregates private market pricing data from venture-backed companies.
The product provides full onchain execution with programmability and composability features. However, traders should understand these derivatives offer exposure to private company valuations rather than actual equity ownership.
Regulatory restrictions prevent users in the United States, United Kingdom, and Canada from accessing the platform. An Injective spokesperson clarified the product is structured as a perpetual derivative based on reference prices.
Private Equity Market Access Expands
Traditional pre-IPO investing has been limited to institutional and accredited investors. Injective’s approach aims to remove these barriers through decentralized finance infrastructure.
The platform partnered with Republic in August to enhance retail investing capabilities in privately-held companies. Republic previously announced plans to offer Mirror Tokens, blockchain-based instruments tracking shares of private firms.
Injective reported strong trading activity ahead of this launch. The blockchain processed $1 billion worth of real-world asset perpetual futures contracts during a 30-day period last week.
The broader RWA market has expanded to nearly $32 billion in total value. Private credit and US Treasury debt currently dominate the onchain financial assets space. Data and AI sectors raised over $100 billion in 2024, making them prime targets for pre-IPO trading interest.
Injective was incubated by Binance and backed by investors including Jump Crypto, Pantera, and Mark Cuban. The protocol positions this launch as part of its broader strategy to bring traditional financial markets onchain through tokenization and derivatives products.
Trading is currently live on Helix DEX for OpenAI pre-IPO perpetuals.
