The pre-IPO futures market has surged 6,000 times: SpaceX and OpenAI have become catalysts for the boom.
The market for perpetual pre-IPO contracts on crypto exchanges is experiencing explosive growth. In June, the total open interest for these instruments reached approximately $12 billion. For comparison, this figure was a mere $2 million back in March. Thus, we are witnessing a 6,000-fold increase in three months. This is not just a spike — it is a structural shift.
The reason for such rapid growth is obvious: institutional and retail traders are desperately seeking access to shares of the largest tech giants before their official stock market debut. The focus is on SpaceX, OpenAI, and Quantinuum. These companies have become a magnet for capital, and crypto exchanges have offered a unique tool for speculating on their future valuation.
Pre-IPO share of the equity futures market reaches 55%
According to data from the analytical platform CryptoQuant, the trading volume of pre-IPO perpetual contracts surged from $2 million in March to $715 million in May, and then jumped to $12 billion in June. As a result, the share of these instruments in the entire market for perpetual stock contracts on crypto exchanges grew from 5% in May to 55% in June. This means that more than half of all speculative activity around stocks now comes from pre-IPO contracts.
The key driver was the introduction of contracts for SpaceX, OpenAI, and Quantinuum, as well as the expansion of product offerings on major platforms. Traders gained the ability to bet on companies that may go public soon but remain inaccessible to traditional investors for now.
Binance captures 83% of the pre-IPO futures market
The lion's share of this market belongs to Binance. In June, the exchange executed pre-IPO contract trades worth $10.3 billion — 20 times more than in May. Binance accounted for 83% of the total volume. In second place is Bitget with a volume of $1.3 billion for June.
Quantinuum already debuted on Nasdaq under the ticker QNT on June 4. SpaceX went public on June 12 under the ticker SPCX. The listing date for OpenAI has not yet been determined, but the company has already filed a confidential S-1 application with the SEC. This only fuels interest.
My analysis: This trend is not just hype. It reflects a fundamental change in how the market values private companies. Crypto exchanges have effectively created a "gray" market for pre-IPO that outpaces traditional mechanisms. However, investors should remember the risks: these contracts do not grant ownership rights to shares, and their price can differ significantly from the company's actual valuation at IPO. Nevertheless, for speculators, this is a goldmine.