Hyperliquid crypto platform becomes destination for pre-IPO derivatives as SpaceX, OpenAI, and Anthropic plan major public offerings

SpaceX plans an IPO in mid-June at a valuation near $1.7 trillion; OpenAI and Anthropic are expected to follow, each circling the $1 trillion mark.

Hyperliquid runs a decentralized exchange for perpetual futures (derivative contracts that track an asset's price on a rolling basis), where users can create synthetic perpetual futures contracts tied to pre-IPO valuations of those three companies. Nearly all trading fees are routed into open-market purchases of the Hyperliquid token (HYPE), similar to a stock buyback.

Hyperliquid is likely to benefit from the pre-IPO trading activity, as the pre-IPO products serve as a draw for new users onto the platform where they may then trade other crypto assets. However, the synthetic perpetual futures are extremely volatile—SpaceX perpetual contracts recently crashed by 45%.

Hyperliquid currently prevents U.S. users from accessing its platform to avoid regulatory violations, though the coin can still be purchased in America.