Injective launches pre-IPO tokens for OpenAI, SpaceX, Anthropic

Injective has launched on-chain pre-IPO tokenized shares tied to OpenAI, SpaceX and Anthropic on its layer-1 decentralized finance blockchain. The offerings let retail investors buy and sell synthetic exposure to those private companies without taking traditional share ownership.

The protocol lists tokenized stocks and related perpetual contracts that represent economic exposure rather than legal equity. Anyone with a compatible wallet and on-chain funds can trade the instruments on Injective’s public markets.

Injective previously introduced pre-IPO perpetual futures in October 2025. Those synthetic contracts, which let traders speculate on private company valuations without owning shares, generated about $1 billion in trading volume within 30 days. In August 2025 Injective formed a partnership with Republic to tokenize private shares, using Republic’s experience in retail access to private deals as a bridge to on-chain markets.

The tokenized instruments are designed to provide price exposure to companies that typically trade only in private markets. Investors do not need accredited-investor status or direct access to private placements to trade the products on Injective’s chain.

On-chain tokenized stocks and perpetual futures differ from owning shares in a brokerage account. Traditional equity holdings usually include legal rights such as voting and dividend claims and settle under established securities laws. An on-chain token does not automatically convey those rights; whether voting power, dividend claims or other shareholder entitlements apply depends on how the tokenization is structured and on applicable law.

U.S. regulators, including the Securities and Exchange Commission, have taken a cautious approach to crypto products that resemble securities. The regulatory status of tokenized private equity remains unsettled.

Market data provides context for investor interest. The global private equity market is valued at more than $13 trillion, and the artificial intelligence sector attracted more than $100 billion in funding in 2024. OpenAI and Anthropic have been major recipients of AI-related investment, and SpaceX continues to be a highly sought-after private company in aerospace.

The launch may influence demand for Injective’s native token, INJ. Social channels show bullish sentiment among some community members, who have speculated about increased need for on-chain trading and collateral on Injective’s network.

Legal and settlement differences mean investors should treat tokenized pre-IPO products as distinct from direct share ownership. Any rights tied to actual private shares must be explicitly structured and legally backed for holders of on-chain tokens to claim them; enforceability depends on contractual frameworks and jurisdiction.