Injective Launches Onchain Pre‑IPO Perpetuals, Listing OpenAI First on Helix

The new contracts track private-market prices via Seda and Caplight instead of granting equity ownership.

Overview

Injective’s pre-IPO markets are live with perpetual derivatives that offer up to 5x leverage on private-company valuations.
OpenAI is the first listing and is available for trading on Helix, the decentralized exchange built on the Injective network.
The pricing framework uses Seda Protocol’s decentralized oracle infrastructure and Caplight’s private-market data to derive reference prices.
Access is positioned as permissionless for eligible jurisdictions, with service unavailable to users in the United States, United Kingdom, and Canada due to regulatory restrictions.
Injective plans to add companies including SpaceX, Anthropic, Perplexity, Notion, xAI, Revolut, Airtable, and Monzo in October, and it cites $1 billion in 30-day RWA perp trading as early demand.