BlockBeats news, on September 9, CoinGecko stated in its latest RWA report that the pre-IPO synthetic market has begun to emerge as an effective valuation metric for traditional IPOs, with on-chain perpetual contracts providing continuous price discovery and a market sentiment anchor for popular private companies prior to their official exchange listing.
The report, using SpaceX and CXMT as examples, states that before SpaceX’s IPO, perpetual contract prices on various platforms fluctuated between $158 and $170, gradually converging to around $157.40; when its first trade on Nasdaq settled at $150.05, the discrepancy was approximately 4.9%. The deviation between CXMT’s pre-IPO perpetual contract prices and its actual opening price was also around 4.6%.
CoinGecko believes that, in the absence of real spot shares as an immediate arbitrage anchor, traders will still form relatively concentrated quotes based on valuation, listing hype, and future liquidity. On-chain Pre-IPO perpetual contracts will thus serve as a key reference price before the traditional order book opens, providing global investors with a 24/7 channel to express bullish or bearish expectations.