Trading in Pre-IPO Companies Is Suddenly Big Business. Here's Why Hyperliquid Could Be the Biggest Winner.

The article argues that Hyperliquid is emerging as a major beneficiary of the growing market for pre-IPO perpetual futures. These derivatives let traders speculate on private-company valuations before listings, and Hyperliquid has already hosted contracts for SpaceX, Cerebras Systems, and now ChangXin Memory Technologies. The piece highlights that Hyperliquid’s HIP-3 upgrade enables third-party market creation, helping the exchange attract users and fees. It also notes that Hyperliquid’s pre-IPO markets have been surprisingly effective at pricing new listings, with its contracts for Cerebras and SpaceX tracking opening prices closely. While pre-IPO trading is still a small share of overall volume, the trend is boosting activity, fee generation, and token burns, which may support HYPE’s value. The article’s market impact is mainly on Hyperliquid and broader crypto derivatives activity, suggesting stronger network usage and revenue potential as more pre-IPO names come online.