Injective Protocol, a layer-1 blockchain focused on decentralized finance, has introduced onchain pre-IPO perpetual markets, enabling global investors to trade synthetic versions of major private companies like OpenAI with up to five times leverage. This offering, which debuted on October 1, 2025, allows users to gain exposure to private company valuations directly through Injective, distinguishing it from centralized alternatives like Robinhood's private equity tokens.
The pre-IPO perpetuals are powered by decentralized oracle infrastructure from Seda Protocol and private market pricing data from Caplight, ensuring onchain execution, programmability, and capital efficiency. Trading is available on Helix, a decentralized exchange built on Injective, with the first market listing ChatGPT developer OpenAI. Additional companies, including SpaceX, Anthropic, Monzo, Revolut, and xAI, are set to be added throughout October 2025.
Injective emphasized its mission to "bring every financial market onchain," aligning with the rapid growth of the real-world asset (RWA) tokenization sector, which has reached nearly $32 billion in value, dominated by private credit and U.S. Treasury debt. The protocol reported over $1 billion in trading volume for RWA perpetual futures within just 30 days, highlighting strong demand.
A key distinction from Robinhood's offerings is the decentralized, permissionless nature of Injective's model, which avoids equity ownership claims and regulatory scrutiny. An Injective spokesperson noted, "This is much more uniquely positioned because it's a perpetual derivative based on a reference price of the Pre-IPO company," and clarified that the product is unavailable in the U.S., U.K., and Canada due to regulatory restrictions. The launch follows a partnership with Republic in August 2025 to democratize retail access to private equity, supported by institutional backers like Binance, Jump Crypto, and Pantera.
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