Binance leads the pre-IPO perpetual market with 57% share, totaling $1.68 billion in trades, while SpaceX remains the top asset.
Binance has emerged as the leading player in the pre-IPO perpetual contracts market, capturing 57% of the total trading volume. According to a report from CoinMarketCap Research, Binance attracted $1.68 billion out of a total volume of $2.94 billion in this sector.
The pre-IPO market allows trading of shares in private companies such as SpaceX, OpenAI, and Anthropic before they officially go public. Binance launched its inaugural contract, SPCXUSDT, on May 21, 2026, and within just five days, it saw trading volume exceed $280 million.
In terms of market share, OKX ranked second with $734 million, accounting for 24.9%, followed by Hyperliquid with $237 million (8.1%). Bitget and MEXC also participated with $147 million (5%) and $107 million (3.6%), respectively. Together, Binance and OKX accounted for approximately 85% of total turnover over the past month.
SpaceX emerged as the most traded asset, making up $1.97 billion or 67% of the perpetual trading volume, with Quantinuum (QNT) trailing at $385 million, followed by OpenAI ($311 million) and Anthropic ($281 million).
The pre-IPO perpetual market features three distinct instruments: 1) Spot tokens, which claim shares through legal structures but faced challenges following announcements from Anthropic and OpenAI regarding the legality of SPV transfers; 2) Prediction markets that allow trading based on event probabilities rather than valuations, with a total volume of $40.6 million; and 3) Perpetual contracts, which are synthetic instruments with 95 times the volume of prediction markets. Currently, perpetuals are trading at a premium of 15-26% over SpaceX's fixed price.
CoinMarketCap emphasizes the advantages of centralized exchanges like Binance, which include a large user base, simplified account management, and fiat integration. Analysts noted that while Hyperliquid pioneered the pre-IPO perpetual market, it lost 88% of its market share within a month after Binance and OKX introduced similar products.
Earlier, SpaceX made headlines by executing the largest IPO in history, raising $75 billion from the sale of 555.5 million shares, a figure that more than doubles the previous record held by Saudi Aramco. SpaceX's market capitalization is projected to be around $1.77 trillion.
