OKX Offers Tokenized OpenAI and Anthropic Stakes With 10x Leverage in Europe
As pre-IPO tokenized equity expands beyond US exchanges, the product line tests how much speculative exposure European retail investors will absorb before regulators respond.
Crypto exchange OKX has begun offering European users leveraged positions tied to the private-market valuations of OpenAI and Anthropic, two US artificial intelligence companies that have not yet conducted public stock offerings, according to a September 10, 2026 report by CoinDesk. The product allows up to 10 times leverage on those private-company valuations.
OKX is a Seychelles-incorporated exchange that operates a licensed entity in Malta under European Union regulatory frameworks. The company has been expanding its footprint in Europe following enforcement actions that limited certain operations for US-based customers. Its European user base has grown as a result, though OKX has not published a specific subscriber count for the region.
Alongside the OpenAI and Anthropic tokens, OKX is offering access to 100 tokenized stocks and exchange-traded funds, according to the same CoinDesk report. The instruments are structured as tokens that track the price of underlying assets, not as direct equity ownership, which means holders do not acquire shareholder rights, voting privileges, or claims on dividends unless the token structure explicitly provides for them. OKX has not publicly released the full legal terms governing these instruments as of September 10, 2026.
OpenAI's most recent disclosed private valuation was approximately $157 billion, established during a funding round completed in late 2024 and reported by multiple financial outlets at that time. Anthropic raised capital at a valuation of approximately $18 billion during a round disclosed in early 2024. Neither company has filed a registration statement with the US Securities and Exchange Commission for a public offering as of the date of this report.
The 10x leverage figure means a user who deposits $1,000 as margin could hold a position equivalent to $10,000 in notional value. A 10 percent decline in the reference valuation of the underlying asset would, in theory, eliminate the entire margin deposit. Leverage of this magnitude on illiquid private-company valuations carries pricing risks that differ from leveraged products tied to publicly traded securities, where market prices are set continuously by exchange transactions.
Private-company valuations used as reference prices for tokenized products are typically derived from the most recent funding round, secondary market transactions, or internal model estimates. None of these methods produces a continuously observable market price. The interval between observable data points means that a token's reference price may not reflect material changes in a company's business condition until a new funding event or secondary sale is disclosed.
The pre-IPO tokenized equity category has grown across multiple exchanges in 2025 and 2026. Platforms including Kraken and several offshore venues have offered similar products, though the leverage levels and the specific companies featured vary by platform and jurisdiction. The CoinDesk report describes the OKX European launch as part of a broader trend in pre-IPO trading growth, without quantifying total market volume across platforms.
For US investors, direct access to OKX's European tokenized equity products is restricted. OKX withdrew its US operations from certain states following regulatory guidance and does not offer leveraged pre-IPO tokens to customers who identify as US residents. However, the valuations of OpenAI and Anthropic established through offshore tokenized trading can influence secondary market pricing that US accredited investors encounter through platforms registered under US rules.
The US SEC has not issued formal guidance specifically addressing tokenized representations of private-company equity as of September 10, 2026. The agency has pursued enforcement actions against tokenized products it classifies as unregistered securities, but it has not published a comprehensive framework distinguishing compliant from non-compliant structures. What would clarify the regulatory boundary is a formal SEC rulemaking or a court decision in a case directly addressing this product type.
The European Securities and Markets Authority has similarly not issued product-specific guidance on leveraged tokenized pre-IPO instruments as of this date. Malta's financial regulator, the Malta Financial Services Authority, oversees OKX's EU-licensed entity, but the agency has not issued a public statement addressing the OpenAI and Anthropic product launch. Whether existing EU Markets in Crypto-Assets regulation, known as MiCA, which took full effect in December 2024, covers leveraged tokens referencing private-company valuations is a question that has not been resolved through formal regulatory guidance or litigation as of publication.
US investors interested in OpenAI or Anthropic equity outside of offshore tokenized platforms have limited options. They may participate in secondary transactions through platforms such as Forge Global or Nasdaq Private Market if they qualify as accredited investors under SEC Rule 501, which requires either a net worth exceeding $1 million excluding primary residence or annual income exceeding $200,000 for individuals. Those platforms do not offer leverage on private-company shares.