Binance attracted $1.68 billion out of a total trading volume of $2.94 billion in perpetual contracts for pre-IPO, accounting for 57% of the market. This is detailed in a report by CoinMarketCap Research dated June 10, 2026.

Pre-IPO markets allow trading of shares in major private companies like SpaceX, OpenAI, and Anthropic before they go public.

Binance launched its first contract, SPCXUSDT, on May 21, 2026. Within five days, trading volume exceeded $280 million.

OKX ranked second with $734 million (24.9%), while perpetual DEX Hyperliquid came in third with $237 million (8.1%). Bitget reported $147 million (5%), and MEXC had $107 million (3.6%). Over the past 30 days, Binance and OKX accounted for about 85% of the total turnover.

Source: CoinMarketCap.

The leading pre-IPO asset was SpaceX, which accounted for $1.97 billion (or 67%) of the total trading volume in perpetuals. Quantinuum (QNT) followed with $385 million, surpassing OpenAI ($311 million) and Anthropic ($281 million).

According to the report, the pre-IPO perpetual market consists of three instruments with fundamentally different mechanics:

  1. Spot tokens provide a claim to shares through legal structures like SPV, structured notes, or brokerage contracts. However, in May, Anthropic and OpenAI stated that transfers via SPV are not legally valid. Following these announcements, the TVL of spot platforms dropped by 22.5% within two days.
  2. On prediction markets like Polymarket and Kalshi, users trade not on company valuations but on the likelihood of specific events, such as IPO timelines. The total volume of these markets reached $40.6 million. Notably, Polymarket accurately predicted SpaceX's valuation range of $1.75–2 trillion, which matched the actual IPO price of $135 per share.
  3. Perpetual contracts are synthetic instruments without actual ownership of shares; their volume is 95 times greater than that of prediction markets.

At the time of the report's publication, perpetuals were trading at a premium of 15–26% over SpaceX's fixed price.

CoinMarketCap highlights the advantages of centralized exchanges over DEXs: a broad user base, a single account without additional verification, and fiat gateways. Analysts note that Hyperliquid created the pre-IPO perpetual market, but after similar products launched on Binance and OKX in May, it lost 88% of its market share within a month.

Source: CoinMarketCap.

Previously, SpaceX conducted the largest IPO in history, selling 555.5 million shares and raising $75 billion. This amount more than doubles the record set by Saudi Aramco in 2019. SpaceX's market capitalization is expected to be around $1.77 trillion.