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

Page: https://stenobird.com/podcast/unchained-5662698/why-pre-ipo-perps-like-spacex-on-hyperliquid-are-seeing-an-upswing
Text version: https://stenobird.com/podcast/unchained-5662698/why-pre-ipo-perps-like-spacex-on-hyperliquid-are-seeing-an-upswing.md
Podcast: [Unchained](https://stenobird.com/podcast/unchained-5662698)
Published: 2026-05-21T18:31:00+00:00
Episode link: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML3733873363.mp3
Audio file: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML3733873363.mp3
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JSON: https://stenobird.com/v1/public/podcasts/unchained-5662698/episodes/why-pre-ipo-perps-like-spacex-on-hyperliquid-are-seeing-an-upswing
Duration seconds: 2014

## Resource

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…

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