SpaceX, Cerebras, Unitree, now Anthropic... Idk if ppl realize how big this is, private companies are getting priced on Hyperliquid weeks before they IPO, and the market has been scarily accurate so far. I find that pre-IPO perps are turning private companies into a crypto-native asset class 👇 🔹 The track record (per @tradexyz's SEC letter) 5 pre-IPO markets ran all the way to listing. in every one, the perp's last price landed within 0.44-7.23% of the actual opening print – Cerebras: perp started at $175, IPO priced at $185, perp was $342 right before the open, stock opened at $350. 2.24% off – Quantinuum: perp at $72.92 pre-open vs $68 open. 7.23% off, the worst miss, and the stock closed day 1 right back at its $60 IPO price – SpaceX: $215M+ OI + $2.2B volume pre-listing. perp $157.59 pre-open vs $150 open, 5.06% off – SK Hynix ADS: perp $169.26 vs $170 open, only 0.44% off. traditional pre-open estimates said ~$174, so the perp beat them – CXMT (Shanghai STAR): opened 472% above its offer price, and the perp was already ~5x the offer the day before In all 4 US IPOs, the perp traded 10.8-38.4% above the IPO price the day before. the perp showed the IPO was priced too low before the banks did. Unitree wasn't one of the 5, but it's another one listed on tradexyz pre-IPO. It opened +629% on Shanghai STAR, and its perp now has ~$28M OI tracking the listed stock. 🔹So what's live rn? – Anthropic io:ANTH by @entropyIO: ~$1.80T implied valuation, ~$78M OI, up to 15x. last private round was $965B, and the FT says investors expect $ 1.5-1.75T at IPO – Anthropic ANT on tradexyz: ~$40M OI, priced per share, converts to a normal stock perp at listing – OpenAI io:OAI: ~$6.6M OI, up to 6x. Last closed round was $852B, and a $1.25T round is still being raised – @Lighter_xyz and @Aster_DEX list both, but they're tiny (Lighter ANTH ~$2.2M OI, Aster ANTH ~$264k) and trade 1.5-4% off HL Total pre-IPO OI across venues: ~$129M, ~96% of it on Hyperliquid, and every market needs 500k $HYPE staked to deploy. I think this trend goes way beyond the perp trade. Crypto markets are pricing private companies before Wall Street even gets a look, and the track record says they're getting it right. The alpha is in the execution, oracle, and liquidity layer: OI growth, funding basis between HL, Lighter, and Aster 💎