MNX, a non-custodial decentralized futures exchange developed by Manifold Markets co-founders Stephen Grugett and Ian Philips, launched valuation futures on Oct. 13, 2026, covering OpenAI, Anthropic, DeepSeek and Moonshot. The contracts let traders take long or short positions on private AI-company valuations without owning equity, using a derivatives framework built on MegaETH. Contracts expire on Dec. 31, 2027, offer up to 3x leverage and carry no recurring funding fees. Settlement is based mainly on a company's post-IPO market capitalization if it lists before 2028; otherwise, MNX uses the last qualifying public valuation. The platform uses order-book trading, batch auctions and an eight-hour exponential moving average for internal marking, with maker fees of 0% and taker fees of 20 basis points on notional value. MNX warns that winning positions can receive reduced payouts when available collateral and fees do not cover the full contract value. The platform excludes U.S. users at launch, and thin liquidity, leveraged exposure, infrequent private-company valuations and the payout structure create material trading and settlement risks.