Defillama Tracks Pre-IPO Perps Ahead of SpaceX IPO

The timing ties to a massive IPO pipeline. SpaceX is set to price its offering around June 11 at a valuation near $1.75 trillion. That would be the largest IPO in history. Anthropic filed confidentially for a listing as soon as October. OpenAI and Quantinuum are also moving toward public debuts.

The pipeline is already pulling capital from other assets. Bitcoin.com News reported that IPO mania around these AI firms is draining cash from Bitcoin. Investors rotate into the new megacap stories.

For onchain traders, the appeal is straightforward: pre-IPO perps remove the gatekeeping of late-stage private rounds. The risk is the gap between the synthetic price and the eventual IPO price. That gap is a liquidity event, not an arbitrage. A position on a $68 billion venue is one thing. A contract on a smaller market is another. The Hyperliquid crash is a concrete reminder that synthetic markets for private valuations can gap in ways public equities rarely do.

The SpaceX IPO pricing date is June 11. Until then, anyone holding synthetic perp positions faces the uncertainty of where those valuations will land when public market pricing begins.