First, Rocky thought it would just be a show, i.e., no risk of injury. Listen to what he said to Thunderlips at the start of the match. He said something along the lines of, "Let's give them a good show, first I'll chase you and then you chase me," while throwing light punches at his stomach.
Second, it was for charity. A point is made in the dialog that Rocky goes above and beyond for charity. Mick said to him something like, "You're wearing your anatomy out for charity! No one else does this much for charity!" Rocky replied, "Bob Hope would," and Mick said, "That's true."
Third, Rocky doesn't fear injury even when he knows it's for real, at least he didn't at that point in the movie. He insisted on fighting Clubber Lang even though Mick told him flat out, "You can't win Rock! This guy will kill you to death inside of three rounds!"
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