OKX launched pre-IPO equity USD Expiry Perps, or X-Perps, for OPENAIUSD UM and ANTHROPICUSD UM on Sept. 10, 2026. The contracts are USD-settled expiry futures based on OPENAI/USDC and ANTHROPIC/USDC indexes, allowing traders to speculate on valuation changes without owning equity. Prices are linked to per-share value multiplied by total share count, approximating market capitalization. Each contract currently uses an estimated share count of 10,000,000,000, with one contract representing one OPENAI or one ANTHROPIC. The contracts trade 24/7, settle in USDC and have a fixed daily funding rate of 0%, with funding fees settled every eight hours. After a company files official pre-listing disclosure containing its actual share count, OKX will carry out a proportional rebase intended to preserve position value, subject to minor rounding differences. Once an IPO is completed, the X-Perps will gradually convert to standard stock expiry futures. OKX warned that the companies have not yet completed IPOs or officially submitted pre-listing documentation, leaving their share counts, valuations and IPO timing uncertain. Prices may differ materially from eventual post-IPO values, and OKX may delist or settle the contracts at its sole discretion if an IPO is cancelled.