Trading in Pre-IPO Companies Is Suddenly Big Business. Here's Why Hyperliquid Could Be the Biggest Winner.

Published July 19, 2026 · Category: Finance

Overview

A company you've probably never heard of -- ChangXin Memory Technologies -- priced its soon-to-launch stock listing this week in Shanghai at 8.66 yuan a share, valuing China's biggest memory chipmaker at almost $85 billion. Nearly two weeks before those shares are set for an initial public offering (IPO), a contract tracking one of them is changing hands on Hyperliquid (CRYPTO: HYPE), a decentralized derivatives exchange. Retail investors in China and practically everywhere else are scrambling to get exposure using its network.

Pre-IPO perpetual futures -- contracts that track a private company's expected share price and never expire -- are quickly becoming more popular. Cerebras Systems and Space Exploration Technologies each had perputal futures trading before listing, and the next set of hotly anticipated IPOs, specifically OpenAI and Anthropic, have them now. Hyperliquid is currently positioned to be the biggest platform for trading those pre-IPO perpetuals, and here's why.

Image source: Getty Images.

Details

Continue reading

Source

Originally published at www.fool.com.

Related Articles

• Social media influencers Andrew and Tristan Tate arrested in Miami, U.S. Marshals Service tells AP
• Alphabet vs. Apple: Which Warren Buffett Favorite Is the Better Stock to Buy Today?
• Microsoft Stock Is Down 27% From Its All-Time High. 2 Reasons It Could Double by 2030.