In a market marked by uncertainty, Hyperliquid's HYPE token has defied the trend, experiencing a 5% increase in just 24 hours and a remarkable 69% rise over the past year. This performance coincides with the growing popularity of the platform's perpetual futures trading ecosystem, HIP-3, as traders look to speculate on the upcoming IPOs of major technology firms like SpaceX, Anthropic, and OpenAI, all aiming for valuations exceeding $1 trillion.
Hyperliquid's HIP-3 marketplace has processed over $120 billion in total volume since its launch, showcasing its growing influence in the pre-IPO trading arena. The platform has introduced a model that allows third-party teams to create their own perpetual futures markets, democratizing access to pre-IPO price exposure that was traditionally limited to institutional investors. Notably, TradeXYZ, a leading deployer on HIP-3, proved the effectiveness of this model by pricing Cerebras perpetuals within 3% of the AI chipmaker's Nasdaq debut, in stark contrast to traditional platforms that were off by 35%.
The anticipated IPOs of SpaceX, Anthropic, and OpenAI are generating significant interest in financial markets. SpaceX's upcoming IPO, expected in June, could raise between $75 billion and $80 billion, greatly exceeding the total raised from all IPOs in 2025. With a projected valuation ranging from $1.75 trillion to $2 trillion, the implications for market dynamics are substantial. Meanwhile, both Anthropic and OpenAI are targeting listings that could yield around $60 billion each, with valuations surpassing $1 trillion.
A SpaceX pre-IPO perpetual contract (SPCX) has already launched on TradeXYZ, with a reference price set at $150, reflecting a valuation of approximately $1.78 trillion. Currently trading at $207, the contract has experienced fluctuations, dipping from a local high of $230. Market participants are actively factoring the potential scale of these listings into their trading strategies. On prediction market Myriad, users assign a 91% probability that SpaceX's closing market cap will exceed $1.3 trillion, while Anthropic holds a 67% probability of going public before OpenAI.
As excitement builds around these listings, experts highlight the competitive advantage that on-chain infrastructure offers compared to traditional secondary markets. Matthew Pinnock, COO of Altura DeFi, pointed out that the 24/7 nature of crypto trading, along with leveraged positioning and global access, enables quicker consensus formation around late-stage private assets. This is particularly relevant for sectors like AI, where retail demand is surging and information spreads rapidly.
Despite the growth of this ecosystem, challenges remain. Increased regulatory scrutiny is anticipated, especially regarding whether pre-IPO perpetual products could be classified as unregistered securities. Both OpenAI and Anthropic have warned investors against trading any securities linked to their upcoming IPOs that lack their endorsement. Traditional financial institutions, including the Intercontinental Exchange and CME Group, have expressed concerns to the CFTC about potential market integrity risks associated with Hyperliquid’s pseudonymous trading environment. In response, Hyperliquid's Policy Center has defended its approach, arguing that the platform's inherent transparency deters insider trading.
Diego Martin, CEO of Yellow Capital, shared a vision for the future, suggesting that the evolution of crypto infrastructure could soon transform financial participation. "Instead of being focused purely on digital assets, crypto infrastructure starts becoming a way for people to participate in broader financial opportunities," he noted. As the pre-IPO futures market continues to mature, Hyperliquid's role will be crucial in shaping how retail investors engage with once-exclusive investment opportunities.
