Pinned post
Hyperliquid may have just changed how people think about IPO price discovery.
The IPO priced at $135, but SPCX-USDC on Hyperliquid never really traded like $135 was the fair value.
As IPO details came out, SPCX-USDC sold off under $200, then spent days prior to the IPO chopping in the $150-$180 range.
On IPO day $SPCX traded much closer to that range than the official IPO price.
Most people without an allocation were never getting filled anywhere close to $135, and the first real fills were closer to where Hyperliquid had already been pricing it.
The obvious value of tokenized pre-IPO shares is access; but the deeper value is price discovery, and Hyperliquid just proved it can be a real pre-IPO price discovery engine.
Hyperliquid showed that a synthetic pre-IPO market can become a better price discovery venue than the actual IPO process itself, and I think this really changes the way people think about these markets.
The access matters as it allows retail to trade private companies, because defi can create a more efficient public market around tradfi assets before tradfi lets most people participate
If @HyperliquidX can price SpaceX before Nasdaq opens, then future IPOs may have two prices: the official allocation price, and actual fair value the market discovers first.
Anthropic is the next obvious test for this.
The IPO priced at $135, but SPCX-USDC on Hyperliquid never really traded like $135 was the fair value.
As IPO details came out, SPCX-USDC sold off under $200, then spent days prior to the IPO chopping in the $150-$180 range.
On IPO day $SPCX traded much closer to that range than the official IPO price.
Most people without an allocation were never getting filled anywhere close to $135, and the first real fills were closer to where Hyperliquid had already been pricing it.
The obvious value of tokenized pre-IPO shares is access; but the deeper value is price discovery, and Hyperliquid just proved it can be a real pre-IPO price discovery engine.
Hyperliquid showed that a synthetic pre-IPO market can become a better price discovery venue than the actual IPO process itself, and I think this really changes the way people think about these markets.
The access matters as it allows retail to trade private companies, because defi can create a more efficient public market around tradfi assets before tradfi lets most people participate
If @HyperliquidX can price SpaceX before Nasdaq opens, then future IPOs may have two prices: the official allocation price, and actual fair value the market discovers first.
Anthropic is the next obvious test for this.
