Hyperliquid's HYPE Token Rises Amid Pre-IPO Perpetuals for SpaceX, Anthropic, and OpenAI

Hyperliquid bucks the market downturn as SpaceX, Anthropic and OpenAI IPOs loom Hyperliquid’s native token HYPE is outperforming a sluggish crypto market as the platform’s pre-IPO perpetual futures ecosystem heats up ahead of a potential wave of blockbuster tech listings. HYPE changed hands at $45.17 on Monday, up about 5% in 24 hours and roughly 69% year‑over‑year, according to CoinGecko. What’s driving the divergence is Hyperliquid’s HIP‑3 marketplace, which lets third‑party teams spin up perpetual futures markets tied to late‑stage private companies. Dune Analytics shows HIP‑3 has processed more than $120 billion in total volume since launch, and on April 8 third‑party deployers accounted for 48.1% of Hyperliquid’s platform volume—nearly matching the platform’s own native markets. That growth is creating retail access to pre‑IPO price exposure that was once largely the preserve of institutions on off‑chain secondary venues. A high‑profile proof‑point came from TradeXYZ, the largest HIP‑3 deployer. When Cerebras went public, TradeXYZ’s Cerebras perpetuals priced within 3% of the AI chipmaker’s Nasdaq debut, while traditional secondary platforms were roughly 35% off. The gap highlighted how 24/7 on‑chain markets with global participation and leveraged positions can reach faster price discovery for late‑stage private assets—especially in hot, retail‑driven sectors like AI. “For years, retail investors often entered once companies were already public and much of the upside had already played out,” Diego Martin, CEO of Yellow Capital, told Decrypt. “This feels like the beginning of a much bigger shift in who gets to participate.” The timing is significant: SpaceX, Anthropic and OpenAI are all lining up potential IPOs in 2026 that could dwarf recent deal flow. Reuters reports SpaceX is targeting a June listing that could raise $75–$80 billion at a valuation as high as $1.75–$2 trillion. Anthropic and OpenAI each reportedly aim to raise about $60 billion at valuations north of $1 trillion. Market mechanisms on Hyperliquid are already reflecting those expectations. TradeXYZ is live with a SpaceX pre‑IPO perpetual, SPCX, with a $150 reference price that implies roughly a $1.78 trillion valuation. SPCX has traded up to a $230 local peak and was last seen around $207—about 10% below that top. On the prediction market Myriad (owned by Decrypt parent Dastan), users assign a 91% probability that SpaceX’s closing market cap will exceed $1.3 trillion, and give Anthropic a 67% chance of listing before OpenAI. Industry insiders warn the category isn’t without friction. Matthew Pinnock, COO of Altura DeFi, told Decrypt that on‑chain infrastructure can outpace traditional secondaries in price formation, but added the model carries regulatory risk: “I expect regulators to eventually scrutinize whether pre‑IPO perpetual products function as unregistered securities exposure for retail traders.” Those concerns are already surfacing. OpenAI and Anthropic have publicly warned investors against trading securities tied to companies they haven’t authorized. Meanwhile, Intercontinental Exchange and CME Group have reportedly urged the CFTC to study market‑integrity risks tied to Hyperliquid’s largely pseudonymous trading environment. Hyperliquid’s Policy Center pushed back, arguing the platform’s on‑chain transparency is “hostile” to insider trading. Regardless of the regulatory road ahead, proponents see a broader narrative: crypto rails expanding beyond purely digital assets to give everyday investors exposure to major private‑market events. “Crypto infrastructure starts becoming a way for people to participate in broader financial opportunities,” Martin said. “That is a story a much larger audience can understand.”