Why Pre-IPO Perps Like SpaceX on Hyperliquid Are Seeing an Upswing

Pre-IPO trading is hot ahead of three big IPOs. Perp volume on Hyperliquid went from $3M to $44M in three months, and SpaceX perps is just the beginning, says Dio Casares of Patagon. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠Coinbase One⁠⁠⁠⁠: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠⁠⁠coinbase.com/unchained⁠⁠⁠⁠. ======================================================== Pre-IPO perp volume on Hyperliquid grew from $3 million to $44 million in roughly three months. Anthropic and OpenAI voided secondary shares, sending shockwaves through the pre-IPO marketes. Robinhood launched trust-style tokenized offerings into a gray area. And three trillion-dollar IPOs — SpaceX, Anthropic, and OpenAI — are converging in the same window. Dio Casares, founder and CEO of Patagon, a private neobank that has facilitated deals in Anthropic, xAI, Circle, and Kraken, explains the structural difference between derivatives and tokenized spot, why second and third-layer SPV waterfalls are legal hot potato, who actually holds the cleanest title, and where the competition for private market liquidity goes next. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠Dio Casares - Founder & CEO, Patagon Timestamps 🚀 00:45 Why are we seeing so much pre-IPO activity bubble up right now 🗂️ 02:45 The types of market activity that are happening pre-IPO and why they’re happening 💙 6:04 Coinbase: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained ⛓️ 07:52 The kinds of problems that buyers and sellers of pre-IPO shares are trying to solve by going onchain ⚖️ 11:15 How unicorns have wanted to be private but have their shares 📊 13:19 Why people aren’t just waiting till pre-IPO share perps go live to get exposure 🃏 15:30 The problems can arise in second- and third-layer SPV situations 🏦 18:19 Where the Robinhood tokenized-share model fits in all this 🏛️ 19:59 Where the FTX bankruptcy Anthropic block falls 🗺️ 21:55 The spectrum of players — from offchain to onchain, from shadier to more legitimate 🤺 24:30 Why more of this activity is happening on Solana than Ethereum 🤝 25:23 What Patagon does in the secondaries market 🔭 29:27 How Dio expects the onchain private market space to evolve Learn more about your ad choices. Visit megaphone.fm/adchoices