MNX

The AI exchange. Trade Anthropic, memory stocks, & H100 prices.

[MNX @MNX_fi]

Trillions of dollars are flowing into AI, and there is almost nowhere to trade it.

There’s no exchange for hyperscalers to hedge their $100M training runs. No benchmark markets to bet on the speed of AI progress. No public markets on OpenAI despite them being worth more than Goldman Sachs.

The most important sector in the global economy has less financial infrastructure than soybeans. Until now.

Announcing MNX, the first exchange to allow trading across the entire AI value stack, from H100 rental prices to Nvidia shares.

Trade the takeoff at https://t.co/6A05TtOhZh

[MNX @MNX_fi]

Anthropic IPO coming soon

[Anthropic @AnthropicAI]

Anthropic has confidentially submitted a draft S-1 registration statement to the Securities and Exchange Commission.

Pending completion of SEC review, this gives us the option to pursue an initial public offering.

Read more: https://t.co/onGZAhRLvD

[𝕱𝖚𝖑𝖑 𝕶𝖊𝖑𝖑𝖞 @full_kelly_]

happy leopold 13f day to all who celebrate

[MNX @MNX_fi]

@TFTC21 Learn more about the best way to trade Anthropic: https://t.co/Ql8XbJfIft

[MNX @MNX_fi]

@TFTC21 You know what they can't shut down? Onchain synthetic futures.

[MNX @MNX_fi]

SPVs are over. The best way to trade Anthropic now is onchain synthetic futures.

[TFTC @TFTC21]

Anthropic just published a support page that should terrify anyone holding its shares on the secondary market.

"Any sale or transfer of Anthropic stock, or any interest in Anthropic stock, that has not been approved by our Board of Directors is void and will not be recognized on our books and records."

Void. Not restricted. Not pending review. Void.

That means if you bought Anthropic shares through Forge, Hiive, or any other secondary platform without board approval, you are not a stockholder. You have no stockholder rights. Your transaction is invalid.

It gets worse. Anthropic says it does not permit SPVs to hold its stock. Any transfer to an SPV is void. Investment funds claiming to offer indirect exposure are "most likely relying on mechanisms that attempt to circumvent our transfer restrictions." Forward contracts, tokenized securities, synthetic exposure products, all of it potentially worthless.

Their advice to investors: "Assume that it is invalid."

There is a multi-billion dollar secondary market in Anthropic shares right now. Platforms are pricing the stock at $265-$1,400+ per share based on a $380 billion valuation. Real people have put real money into these positions. And Anthropic just told them none of it counts.

This is the purest possible illustration of counterparty risk. You can buy a share of a company and have the company itself declare your ownership void because you bought it through the wrong channel.

[MNX @MNX_fi]

@_kanarazu_ If you only have a hammer...

Other exchanges use perps to price pre-IPO companies because that’s the only product they have, even though it’s a poor fit for assets with limited liquidity.

MNX is the first exchange to offer do pre-IPOs right using valuation futures.

[MNX @MNX_fi]

@_kanarazu_ Read more about MNX's approach to pre-IPO markets: https://t.co/etvzpiN4qb

[MNX @MNX_fi]

@_kanarazu_ If you only have a hammer...

Other exchanges use perps to price pre-IPO companies because that’s the only product they have, even though it’s a poor fit for assets with limited liquidity.

MNX is the first exchange to offer do pre-IPOs right using valuation futures.

[MNX @MNX_fi]

Many are saying...

[Bloomberg @business]

BlackRock CEO Larry Fink said global demand for computing power is so huge that traders will one day be able to bet on a futures market for it https://t.co/TTtP3qGlBQ

[Anjney Midha @AnjneyMidha]

interesting. a good sign for compute fungibility.

[Manifold @ManifoldMarkets]

Talk of IPO for AI companies has seemed to be a few months away for over a year now. But as AI companies run out of other options for funding, it seems that time is finally approaching.
New newsletter on Forecasting AI Economics ⬇️

[Tenobrus @tenobrus]

mythos is a trend break on ECI

[MNX @MNX_fi]

@jarxiao 200 ms batch auctions solve this

[𝕱𝖚𝖑𝖑 𝕶𝖊𝖑𝖑𝖞 @full_kelly_]

Goog has the compute equivilant of 5 million h100s

[Andrew Curran @AndrewCurran_]

OpenAI ownership:

OpenAI Foundation - 25.80%
Microsoft - 26.79%
SoftBank - 11.66%
Amazon - 4.66%
NVIDIA - 3.47%
OpenAI employees - 19.35%
VC and Institutional investors - 7.83%
Individual investors - 0.40%

[MNX @MNX_fi]

April Fools!

[MNX @MNX_fi]

The compute market is too small to support an exchange traded product.

[MNX @MNX_fi]

@0xperp Soon.

[matthew sigel, recovering CFA @matthew_sigel]

NVDA H100 rental prices hit 18-month high: $2.59/hour

[MNX @MNX_fi]

https://t.co/TMA9uyzero