Axi launches pre-IPO perpetuals on OpenAI and Anthropic with 25:1 leverage

On 5 November 2026 at 10:42 a.m. US Eastern Time (4:42 p.m. Paris time), broker Axi announced through GlobeNewswire the launch of so-called “pre-IPO” perpetual futures contracts linked to OpenAI and Anthropic, two privately held artificial intelligence companies. The release, datelined Sydney, was issued by Axi Trader LLC. According to the announcement, the contracts offer leverage of up to 25:1 and trade 24 hours a day, seven days a week. FX News Group reported the launch the same day.

Perpetual contracts on two unlisted companies

Axi's release states that clients can open either long or short positions, allowing them to take a view on a rise or a fall. The stated leverage means a position can be opened with an initial margin far smaller than the exposure taken on. Trading is continuous, weekends included.

The release also specifies that traders do not own any OpenAI or Anthropic shares, nor any position in the underlying securities. The exposure is therefore purely contractual and does not make the holder a shareholder.

The wording differs between languages. In the French version of the release, published on 6 November 2026 at 11:18 a.m. Eastern Time, Axi says the contracts are linked to the “valuation” of the two companies, whereas the English version refers to their price movements.

The launch builds on an earlier move. In a release dated 22 October 2026, Axi said it was extending its perpetual contracts, until then limited to crypto assets, to traditional markets. According to that release, these instruments have no expiry and no roll, rely on periodic funding rates, and are available on the Axi Trading Platform and MetaTrader 5 to “eligible clients” only. Axi added at the time that availability depends on region and entity.

An offer promoted by the St Vincent and the Grenadines entity

The 5 November release ends with the line “Promoted by AxiTrader LLC”. According to Axi's help centre, AxiTrader LLC is registered in St Vincent and the Grenadines under number 4303 LLC 2025, at Euro House, Kingstown. The release warns that trading carries a high risk of loss and that the offer may not be available in the reader's region.

According to comparison sites Brokercut and VestNorth, Axi's “international” clients open their accounts with this company, which both sites say holds no financial licence. The same sources state that UK, European and Australian clients are served by other group entities, regulated by the FCA, CySEC and ASIC respectively.

The release names no country and no entity other than AxiTrader LLC. It does not say whether the UK, European or Australian entities offer these contracts, nor whether clients based in France, Belgium, Switzerland, Quebec, Spain or Brazil can access them.

Pricing, platforms and listing: what has not been specified

• Price formation: how a price is set for a company that is not listed has not been disclosed.
• Legal nature: Axi uses the term “perpetual futures”; the release does not say whether these are CFDs or who the counterparty is.
• IPO treatment: what happens to open positions when a listing takes place is not described, nor what happens if it never does.
• Costs: spread levels, funding rates and their frequency have not been published.
• Platforms: the pre-IPO release does not say where these contracts trade; the Axi Trading Platform and MT5 are only mentioned for perpetuals on traditional markets.
• Start date: Axi says it has “introduced” the contracts, without giving a precise date for the start of trading.

What it means for traders

The first issue would be the contracting entity. Clients considering these products would need to check which entity appears on their client agreement. A client covered by the FCA, CySEC or ASIC could not assume access to this product, nor keep the protections attached to those regulators if trading through the international entity.

Leverage would be the second point of attention. At 25:1, a relatively small adverse move in the underlying would be enough to wipe out the margin posted, on an asset with no public quote. Leverage management would therefore matter more than usual.

Because these are perpetuals, the cost of holding a position for several days would depend on funding rates whose schedule has not been published. Round-the-clock trading could also mean thinner liquidity outside usual hours, wider spreads and price gaps, particularly around any announcement relating to a possible IPO.

Before opening a position, the contract specifications (price source, rules on a listing day, treatment if a listing is postponed or cancelled) would be the first information to obtain from Axi. For traders who keep a trading journal, logging funding charges and execution slippage separately on these instruments would show their real cost compared with a standard share CFD. Finally, the release does not address taxation: treatment would depend on the country of residence and on how the contract is legally classified.