Hyperliquid Defies Market Downturn as SpaceX, Anthropic, OpenAI IPOs Loom

Hyperliquid's autochthonal token HYPE is outperforming the broader crypto marketplace slump arsenic its pre-IPO perpetual futures ecosystem gains momentum up of a historical question of exertion listings.

HYPE is trading astatine $45.17 connected Monday, up astir 5% implicit the past 24 hours and 69% implicit the past year, according to CoinGecko data.

The divergence is tied to Hyperliquid’s HIP-3 marketplace, wherever traders are betting connected pre-IPO shares of SpaceX, Anthropic, and OpenAI, a $120 cardinal measurement accidental that accepted concern cannot offer.

The HIP-3 framework, which allows third-party teams to motorboat their ain perpetual futures markets, has processed much than $120 cardinal successful full measurement since launch, according to Dune Analytics data. On April 8, HIP-3 deployers generated 48.1% of Hyperliquid’s full level volume, approaching parity with the platform's ain autochthonal markets.

That parity means retail traders tin present entree pre-IPO terms vulnerability that was antecedently disposable lone to organization investors done secondary venues.

TradeXYZ, the starring HIP-3 deployer, demonstrated the exemplary works erstwhile it priced Cerebras perpetuals wrong 3% of the AI chipmaker's Nasdaq debut portion accepted secondary platforms were 35% off.

The spread showed that on-chain pre-IPO markets achieved faster, much close terms find than off-chain alternatives.

“For years, retail investors often entered erstwhile companies were already nationalist and overmuch of the upside had already played out,” Diego Martin, CEO of Yellow Capital, told Decrypt. “This feels similar the opening of a overmuch bigger displacement successful who gets to participate.”

What's next: SpaceX, Anthropic, OpenAI IPOs

The adjacent cohort of trial cases is already forming, with aggregate fashionable IPOs lined up for 2026.

SpaceX is targeting a June IPO that could rise betwixt $75 and $80 billion, astir treble the full raised crossed each 2025 IPOs combined, astatine a valuation of up to $1.75 trillion to $2 trillion, according to Reuters. Anthropic and OpenAI are each eyeing listings that could rise $60 cardinal astatine valuations exceeding $1 trillion.

A SpaceX pre-IPO perpetual contract, SPCX, is already unrecorded connected TradeXYZ with a $150 notation price. That pricing implies a valuation of astir $1.78 trillion. The token is presently trading astatine $207, down astir 10% from Monday’s $230 section top.

Market expectations are already pricing successful the magnitude of these listings.

On prediction marketplace Myriad, owned by Decrypt’s genitor institution Dastan, users delegate a 91% accidental that SpaceX’s closing marketplace headdress volition transcend $1.3 trillion, and springiness Anthropic a 67% accidental of going nationalist earlier OpenAI.