At Token2049 in Singapore, Hyperliquid CEO Jeff Yan argued that most gains from private firms before their IPOs go to a privileged few, and that his exchange's pre-IPO perpetual futures offer earlier exposure. Perps never expire and only track price, conferring no share ownership, earnings rights or voting power. Anthropic's valuation rose from $586.56 million in May 2021 to $965 billion in May 2026, with most gains going to funds and institutions. Yet its perp implied about $2 trillion on October 15, double its latest funding round, while a Space Exploration Technologies perp traded at $180–$200 after launch and slid to $160–$170, versus a $135 June IPO price. The author advises against buying pre-IPO perps, since they carry no claim on the company and Anthropic's financials are not yet public.
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Related tickers and likely impact
HYPE/USDT
▲ Likely positiveHyperliquid
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $17.5B |
| Close on 10/18/2026 | 78.97 |
| Change that session | +1.14% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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