Hyperliquid’s HYPE token is defying the broader crypto downturn, trading at $45.17-up 5% in the past day and 69% over the year. The rally is fueled by its HIP-3 pre-IPO perpetual futures marketplace, which has processed over $120 billion in total volume.
TradeXYZ, a leading HIP-3 deployer, recently priced Cerebras perpetuals within 3% of its Nasdaq debut, while traditional secondary platforms lagged at 35% off. That gap demonstrates on-chain price discovery outpacing off-chain alternatives.
Now, the next wave of IPOs is forming. SpaceX targets a June IPO with a potential $75-80 billion raise and a valuation between $1.75 trillion and $2 trillion. Anthropic and OpenAI are each eyeing listings that could raise $60 billion at valuations exceeding $1 trillion.
A SpaceX pre-IPO perpetual contract, SPCX, is already live on TradeXYZ, implying a $1.78 trillion valuation. Market expectations are high: prediction markets give SpaceX a 91% chance of closing above $1.3 trillion market cap, with a 67% chance Anthropic goes public before OpenAI.
The platform faces regulatory risk. OpenAI and Anthropic have warned against unauthorized trading of securities tied to their companies. Meanwhile, ICE and CME have urged the CFTC to address market integrity concerns linked to Hyperliquid’s pseudonymous environment.
Despite these risks, the shift is undeniable. Crypto infrastructure is enabling retail participation in pre-IPO opportunities once reserved for institutions.